If a property is on HomePath.com, is it automatically HomePath financing eligible?
No. All Fannie Maeâ€owned properties available for sale are listed on HomePath.com. If the property is eligible for HomePath financing, a HomePath Mortgage logo will appear on the Property Details screen in the HomePath Financing box. If there is no HomePath Mortgage logo in the box, the property is not HomePath financing eligibleâ€”however, it may be eligible for other types of financing.
Basically, a Homepath representative reviews the property for eligiblity, whether it's condo, SFR etc and posts the findings on homepath.com
When buying a house with these types of problems, its very important to do your homework and find out if there are violations with the county that have to be cleared before residency. In other words, you can own or sell such a house, but may not be able to live in it until it is fixed.... more
It would depend on your tax situation. The best thing to do is call your CPA speak to them. Your credit will take a hit either way. My understanding is that a short sale will be less of a hit than the foreclosure. I will take 1-3 years to clear in a short sale. It also depends on whether or not you refinanced the property. So read your mortgage contracts because it is possible for the lender to come back to you after the sale and sue you personally for the difference. Attached is the irs.gov website with questions and answers about short sales and foreclsoures.... more
Donna, Keep going towards the short-sale. Once approved you can decide then to pull the trigger on it. But I would also pursue the Settlement option and delve deeper into the programs which qualify. The terms of the settlement are on the web site I gave in a previous post. But YOU must be proactive!! Massive Action is the way you get out of these life problems. Head in the sand ain't gonna cut it. They have found 80% of those who lost their homes to foreclosure NEVER called their lender!! Sad but true.... more