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A variance can take 7 days or more. Usually more.
I have never heard of a complete forgiveness of a mortgage. Are you sure he did not mean forgiveness of the debt?
I am also confused about a 2nd mortgage on an FHA loan. Is is a line of credit?
Brian Avery, good advice!! MANY MANY times since they dont have a monthly payment on a DP assistance program, they forget they have a second mortgage.
Happy831 it is not that your agent is clueless or that the agents are conspiring against you about variances or anything else, it could simply be that they do not know what they dont know.
Do you know what type of loan the seller has on the first mortgage. If it is an FHA loan, you can only get 1% toward your closing costs UNLESS you get a variance, that could be what they are trying to do.
Down payment assistance loans still show up as a lien, I'd say if they can't look that much up before making an offer, the buyer's agent can't be that far from clueless! Doesn't sound like a conspiracy, simply two agents who don't know what they're doing.
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