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Reply To Topic Topic: PCS cant sell scared of foreclosure
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Posted By on 06-13-2010 04:44 PM
Just wanted to update. We have an offer on the house the bank has approved it we are selling it as a short sale. The bank was quick to respond and approve the sale. We were not behind on our mortgage at all. We are set to close on the house on the 25th of June. My question now has to do with HAP. I did my HAP application in March. It sat there until we got an offer. Once we got the offer we went thru appraisal. That apparantly turned out ok, but since we are in a short sale and have to close so fast the bank approval states they have to have the funds by June 30th or approval is null and void, my HAP worker tells me that my application will not go any further without the signed deed and HUD 1. Does anyone know specifics about the new rules for short sale process with HAP because I am concerned we will not get any funds because the amount of the forgiven debt will be a little over $38,000. And our appraised value with our improvements brought our home value to $203,700 and HAP only gives you 90% of that. We have no other loans or lines of credit on our home but we have only owned it for barely 4 years. I would appreciate any input on this. Thanks
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RE: PCS cant sell scared of foreclosure
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