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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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.
Very unlikely a Note Buyer could help. Fannie Mae sells their Notes (Loans) as pools (many Loans packaged together).
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