FHA short sale w/Cenlar
Hi there superstars. Quick question...Cenlar is disputing some expenses on the seller's financial form...the expense is for tithing. The nego states that "they can't count contributions to an entity and approve a short sale due to hardship". The sellers still have more expenses than income, even if the monthly tithe is taken off the form. Suggestions? Thank you in advance!!
Replies to This Discussion
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Permalink Reply by Short Sale Superstars LLC on
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I'd have potentially provide an updated financial form. Are the borrowers current on their mortgage? What are they claiming as their reason for hardship?
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Permalink Reply by Corinn on
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Brett, I have an updated form to provide to the nego. I'm just curious about their stance on the tithing, since they specifically brought it up. Not sure what FHA would say about it. Sellers are not in f/c, but they have missed payments. Hardship is they had to move for their daughter, who is disabled...moved closer to certain establishments for her day-to-day care and education. I've just never had a response from a nego stating "they can't count contributions to an entity and approve a short sale due to hardship".
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Permalink Reply by Wayne Brooks on
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It's a voluntary expense/contribution. Redo the financials without the tithing. You can't really expect a lender to accept a loss because a borrower "chooses" to make a contribution, as opposed to making a mortgage payment, even though I'm sure the tithe amount is only a fraction of the mtg payments.
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