Moving out of the home but maintaining primary residence
Seller is in the process of a short sale with Chase (primary) and Citi (2nd), having been subjected with postponed foreclosure for 5 months. During the period he has organized a place to move, but is concerned that if he moves too soon he may lose his primary residence status at the house being sold. Does anyone know the ruling on this regarding the banks' point of view? He wants to move out right away, but should he? The house will present better vacant.
[On the tax note, IRS pub 4681 seems to leave them covered both due to normal rules on primary residence and that they are also insolvent, and will be at the time of the closing.]
[On the tax note, IRS pub 4681 seems to leave them covered both due to normal rules on primary residence and that they are also insolvent, and will be at the time of the closing.]
Replies to This Discussion
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Permalink Reply by Katerina Gasset on
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It all depends on who owns the note, not the servicers as much. The rule for primary residence is that the seller has to live there for 2 out of the last 5 years. We have mostly vacant properties that we do short sales for and we get them all closed. Mostly investors or people who have relocated for a job. If it is relocation- then that is a breeze. If not, he may want to sit tight just a bit, again, depends on what kind of note he has.
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