Please advise quickly if you can give suggestions for me to assist this military Mom with short sale of her property. Brief summary: Mom was PCS'd <50 miles when her command closed in 2011. She has 2 special needs children and chose assignment where school services were better. She rented the house losing $900/mo. She is retiring from the military 12/1/12 in order to home school her needy child and will no longer be able to afford that loss, plus the renters are leaving end of December.
Bank of Am. investor declined the SS because she is not in"imminent default" ( will begin in January at least) He says she does not qualify as military homeowner eligible without being in default. What can I do? She needs to close this offer by end of December to ensure the tax waiver. Crazy thing is that the offer is at FMV, not less like many SS, and this is the only person who chose to even see the property.
Please advise. Linda
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Have her try a "note buyer" maybe she would better off than going the short sale route. She can get out of her mess without much of a hit on her credit rating.
Please explain what a "note buyer" is. I am not familiar with that at all.
Very unlikely a Note Buyer could help. Fannie Mae sells their Notes (Loans) as pools (many Loans packaged together).
The easiest way to explain it is to go to You Tube. They have a ton of videos on the subject. Try this site too: http://actvra.in/KZ6 This was from the real estate website Active Rain.com. I'm not affiliated in any way. I hope this helps.
contact your states' congress man. Explain that you need this file escalated and reviewed. The lenders response when the officer's representative contacts them. Also the VA will also help.
thx.
The Military HAP program expired September 30th. I verified this today. I was hoping that it had extended. I'm working on a Miltary PCS (Permanent Change of Station). So, without the HAP, you fall back into the automatic eligibility for short sale program, assuming it's a Fannie Mae, Freddie Mac. You can't purchase a home for 2 years, if that is part of the relocation, need to check on this.
Linda - 1. Does she have proof of her retirement now? She can provide those in advance with her hardship letter. 2. She should consult with her accountant to see if "insolvency" will lessen any tax impact to her after 12/31/12. 3. See if the buyer will wait, and re-submit the offer 4. Have her consult with an attorney who can advise her whether to continue making payments (asap - like this month's payment)
Thank you for your response. We did provide retirement papers and hardship letter. The insolvency may help. She is consulting an attorney on Monday for advice regarding Nov. payment. Buyers may be willing to hang in there. I hope so. Seller has determined that if she does not sell by August 2013, the house will be classified as investment property, which she definitely does not want to happen.
Thanx so much for all the information received! If ever in need of a testimonial of the benefit of Advanced Membership with Short Sale Superstars, count me in!! Linda
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