What is an Approval to Participate?
It is a document that HUD generates on FHA loans that are seeking short sale approval. The best way to go about it is to hire a Realtor that has the experience and knowledge of the process AND is succesful in closing short sales.
First you must contact your mortgage servicer and ask them for an application or the Request for Pre-Foreclosure Sale and Affidavit for FHA. They will also send along several other documents and a list of the financial information that they will need. These will be reviewed and in 14-30 days you’ll get an answer back as to whether you are approved to participate.
The Approval to Participate will state the price the home is to be listed at, the NET dollar amount acceptable, how the property is to be maintained, and the borrower’s incentive compensation.
If you would like more information on the HUD FHA Short Sale process please contact us at 734-629-7222.
You are not alone!
2 comments
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September 26, 2011 at 7:51 pm
Gloria Agnello
Hi,
My name is George Alford and I am the mentor of some good financial communities & regularly write articles based on finance for good quality finance sites & blogs.
I came across your website waynecountyshortsales.wordpress.com and found it very informative and helpful. I would like to send you an article as a guest post (relevant to your site).
It will be my pleasure if I can contribute some quality content. Please kindly let me know how and where should I send you the article. You can reach me at: george.alford999@gmail[.]com
Waiting for your quick response.
February 11, 2012 at 4:48 pm
Roy Wysack
Yes, we would love to post some of your articles – please write us at karen@wcsst.com and we will post and give you credit.