There has been much discussion about the existence of preapprove short sale and I thought I would take a moment to define the terms preapprove short sale by first beginning with some definitions.
pre·ap·prove (pr-prv):
tr.v. pre·ap·proved, pre·ap·prov·ing, pre·ap·proves To approve or qualify before the usual procedures or formalities have taken place: preapprove an application; a customer who was preapproved for a $2,000 credit line.
Short Sale:
A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments.
The preapprove short sale as you can see from above is one that has an approval in advance on real estate selling for less than the mortgage debt. For more information on preapproved short sales check the short sale preapproval site.
Saturday, August 30, 2008
Sunday, August 10, 2008
FHA Manual the 4155
I found the fha manual online. It is a PDF version of the fha 4155.1 or 4155. There have since been some reviews of the FHA handbook around the internet. The FHA Manual is also called the FHA Handbook. All in all it is an extraordinary FHA rule that all FHA mortgage loans are covered by direct endorsement underwriter's interpretation of the FHA 4155.1
Sunday, August 3, 2008
Judgment or Judgement
Let's define judgment (or judgement).
Official decision of a court given at the end of a trial. In civil cases, a judgment determines the respective rights and claims of the parties involved. In criminal cases, judgment includes the pronouncement of guilt (or its absence) and, if the defendant is convicted, the sentence. A judgment may also include the reasoning forming the basis of the court's decision. It may be cited as an authority, and treated as a precedent for other similar cases. Also called order. Also spelled as judgement.
This is an interesting subject and we will get to the deficiency judgment protion of the foreclosure aspect of this study soon. For now, keep in mind that a judgment is not a good thing if you are the defendant but it is a postitive thing for the plaintiff creditor in a foreclosure action. That is if they are the prevailing party in a foreclosure and a re attempting to recover a deficiency balance through the award of a deficiency judgment (or judgment) in a court of law.
Official decision of a court given at the end of a trial. In civil cases, a judgment determines the respective rights and claims of the parties involved. In criminal cases, judgment includes the pronouncement of guilt (or its absence) and, if the defendant is convicted, the sentence. A judgment may also include the reasoning forming the basis of the court's decision. It may be cited as an authority, and treated as a precedent for other similar cases. Also called order. Also spelled as judgement.
This is an interesting subject and we will get to the deficiency judgment protion of the foreclosure aspect of this study soon. For now, keep in mind that a judgment is not a good thing if you are the defendant but it is a postitive thing for the plaintiff creditor in a foreclosure action. That is if they are the prevailing party in a foreclosure and a re attempting to recover a deficiency balance through the award of a deficiency judgment (or judgment) in a court of law.
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