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Homeowners may have a chance to avoid foreclosure and make good on their FHA mortgages when in delinquent status. A Pre-foreclosure sale allows the owner of the home to sell the property for an amount less than the amount needed to pay off the loan.

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What is a Pre-foreclosure Sale?

FHA Common Question #37

The FHA offers homeowners a chance to avoid foreclosure and make good on their FHA mortgages when in delinquent status. A Pre-foreclosure sale is where the owner of the home sells the property for an amount less than the amount needed to pay off the loan.

You may qualify by meeting specific FHA requirements, including 2 months or more delinquency on the FHA mortgage, and an appraisal shows that your home meets HUD guidelines. This kind of sale is not automatically available to everyone. You will need to contact a housing counseling agency and/or your lender to see if your particular situation is approved for such a transaction.

NEXT:  Who is Allowed to Do My FHA Appraisal?

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FHA.com Reviews

FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!