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Northeast OH Short Sale Myth: There Are No Rules Or Guidelines For Short Sales

Northeast OH – I recently saw an article written by a prominent, so called short sale expert. In the article, this supposed expert says the only rules for short sales are HAFA, but even those rules are subject to interpretation.

That is like saying that there are no traffic laws. If that were the case, then everyone could drive 100 MPH and never get a ticket.

That is like saying that the court system has no rules. (Go ask a judge or lawyer and you’ll find out the truth about that pretty fast.)

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

The good news for short sale sellers is that there are rules. There are lots of rules in fact. These rules protect you from renegade, rogue employees at short sale lenders. They also protect you from the lenders.

Here is a small sampling of the rules and guidelines for short sales.

FHA Short Sales. There is a 16 page directive from HUD to lenders. This directive gives explicit instructions to all lenders on how to handle short sales on FHA loans.

You can read thru the rules for an FHA Short Sale yourself. Just Google “Mortgagee Letter 2008-43.”

VA Short Sales. VA gives explicit instructions (again in their short sale guidelines. Only, they don’t call it a short sale. They call it a VA Compromise Sale.

Call a VA Loan Center to get a copy of the Compromise Sale Guidelines. Between 65-70% of all the loans in the US are owned or insured by one of the following entities: FHA, VA, Fannie Mae, or Freddie Mac.

Those entities either own or insure against loss. That also means those entities have the right to dictate what can and cannot be done on a short sale.

The lender handling the negotiations has to follow their guidelines or face stiff penalties. Fannie May and Freddie Mac do not publish their guidelines to the general public. But, we do know they have them.

The lenders have sent Stop Foreclosure Institute Members copies of their guidelines before. The member was disputing something on a short sale. They couldn’t believe a certain rule.

The lender’s negotiator sent them the guidelines for the thing they were disputing. The bottom line is that most (if not all) short sale sales do have rules.

However, the lenders don’t want you to know that. Thinking about a short sale?

I can help you short sale your property and get back on your feet. Send me an e-mail at I will contact you for a free consultation.

When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (440) 348-5500

Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.

Thinking about a loan modification? Our Northeast OH loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.

Thanks for reading this, Andy Morris.

Andy is a Real Estate Broker at Realty Trust Services.

Phone: (440) 348-5500 .

View My homes for sale at

Andy Morris specializes in loan modification assistance and short sales in Northeast OH. Northeast OH Modification Help, Northeast OH Short Sales, Northeast OH Short Sale Realtor, Northeast OH Short Sales. Northeast OH Realtor, Northeast OH Stop Foreclosure, Northeast OH Foreclosure Prevention, Prevent Foreclosure Northeast OH, Northeast OH Foreclosure Defense, Northeast OH behind in Payments.

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