Carrington Mortgage FHA Short Sale

The Pre-foreclosure sale program which many refer to as a FHA short sale has a different set of guidelines due to being backed by HUD. Carrington Mortgage FHA loans will be required to be processed for a loan modification prior to being placed into a short sale. If the borrower is approved for a modification, it will put them at the crossroads. A FHA borrower is only able to opt out of accepting the modification agreement and into a short sale if they have a credit score of less than 579 otherwise it must be accepted. If accepted and then denied, they may be placed into a short sale review

If a borrower is denied for the home retention options then it will waterfall into a short sale review. Carrington Mortgage FHA short sales are facilitated through equator and will be placed in their from the assigned account representative. It’s one is not on top of the document collection and continuously pushing the file forward, the file could be closed out and put back into another modification review resulting in a major delay and run around for all parties involved.

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