HAFA -- Must all borrowers occupy the property to qualify?

I have an unmarried couple who bought the subject property as tenants in common.  The romance light went out and now there is just one of the borrowers still in the property. The other borrower has moved 1,500 miles away and is now married to someone else, though he will cooperate with the short sale process.

 

This is a Fannie loan initiated on Equator but it has recently been given a dreaded a HAFA code. 

 

Anyone know if both borrowers must reside in the property to get a short sale approved through HAFA?

 

Thanks.

Views: 64

Replies to This Discussion

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on November 28, 2010 at 11:13am
Bill -

They do not - and in fact they should qualify for a short sale pretty quickly as they are "divorced" - that's their hardship. Keep everyone cooperating together and you should be able to get this one completed. In fact, servicers are rushing to get as many transactions as possible closed (at an appropriate price) by year end.

Best of Luck,

Thom Colby
Broker
Newport Beach CA
Permalink Reply by Elise Fay on November 28, 2010 at 4:19pm
Someone must live in the home as their primary residence. It does not matter if it is just one person. It cannot be abandoned.

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