What's a variance HUD? Due to home being rented for 18 months?
Been in short sale process since April. Just received this from negotiater - How much longer will this delay the process????
Once the loan is 31 days delinquent, the lender stated, at that point she can issue an approval letter provided that all the other conditions are satisfied. If all goes well, that will put us at the beginning part of September. Because the home was rented for over 18 months, SunTrust has to request a variance from HUD. At this stage of the short sale process, I am in direct contact with the Negotiator."
Once the loan is 31 days delinquent, the lender stated, at that point she can issue an approval letter provided that all the other conditions are satisfied. If all goes well, that will put us at the beginning part of September. Because the home was rented for over 18 months, SunTrust has to request a variance from HUD. At this stage of the short sale process, I am in direct contact with the Negotiator."
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Permalink Reply by Short Sale Superstars LLC on
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Erica,
A variance is similar to a request. Since the house was rented out for 18 months it doesn't meet HUD guidelines. They submitted a variance to HUD to see if they will allow an exception to be made so the transaction can continue moving forward in the Pre Foreclosure Sale Program.
Hope this helps,
310-564-6389
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