We received approval for a Variance Request tonight on a FHA PFS. This was our first Variance Request and took some tap dancing as the negotiator swore she did not know what a Variance Request was. We emailed the negotiator the Variance Request form and received no response from her for 2 days. We called HUD directly and guess what? Negotiator all of a sudden knew what a Variance Request was and submitted it. We received approval for Variance in 48 hours!
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Hey guys,
Can you provide me with an example of how to complete the Variance based on the following scenario:
List Price: $85,000 (listed March 2011)
Sales Price $72,500
FMV Today $57,500
HAP pays 1st lien $116,000
2nd lien $17,436
Both liens with BB&T
Thanks,
Frank Biganski
[email protected]
Hi, I am hoping you are still active here I need assistance on a HUD second liend, with BoA please reply if you can.
We are in need of a Variance on a Wells Fargo Short Sale. HUD tells us that Wells must file the Variance and not the Agent / Borrower (and Wells has not been cooperative with anything to date). Was that your experience as well? Thanks!
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