ARM's Length Agreement Required on Short Sales

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I’m not understanding how this is a new HUD requirement. I know we’ve been signing these addendum on short sales for the last 5 years.

From DS News

HUD Announces New Short Sale Requirements

Effective October 1, 2013, HUD has announced the following changes to their Federal Housing Administration (FHA) short sale requirements: To be eligible, one must successfully complete a short sale under the FHA short sale program. The borrowers must meet the following requirements: They cannot list the property with or sell it to anyone with whom they are related or have a close personal or business relationship. » Read More

 

 

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