2 borrowers, 1 has never contributed to mortgage payment
scenario: 2 borrowers on an FHA loan (mother is borrower/daughter is co-borrower) from 2006. daughter added to loan to start her credit history, didn't contribute financially all of these years. don't know if she ever lived in property. Feb 2010-daughter closes on an FHA loan by herself within same state-she qualifed because proof of not paying on prior mortgage. March 2010-mother can no longer pay her own mortgage-now on workers comp. Mother NOT moving in daughter's new house. So-since both are on the 1st home purchased-i still need both set of financial documentation? AND, what is the likelihood of FHA allowing the short sale for the first home considering one of the borrowers just purchased a separate house, on an fha type loan? The mother's financial situation is legit. I haven't reviewed daughters yet.
Replies to This Discussion
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Permalink Reply by Christy Cole on
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Everhome is mortgage company
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Permalink Reply by Alfonso Flores on
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I had a situation somewhat similar to yours. The co-owner never lived in the house nor was making any financial contribution to pay the mortgage or any household expenses . He was renting elsewhere. FHA only asked the resident owner to write a letter stating that the co-owner was not contributing financially to the mortgage. They did not ask any financial or any other info from the absent owner. I think you have pretty good chance to get FHA to allow your sellers to participate in a short sale. Good luck
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