18 mo. limit for non owner occupied BofA FHA Short Sale
One year ago, my client was let go and found a new job in Santa Barbara. We tried to sell their home but it was upside down just enough that it would have to have been a short sale. They ended up leasing it (with a negative). In May he was let go from his new job but his wife has a job (1/3 his income) keeping them in Santa Barbara.
The FHA documents I reviewed (2008) state that the debtor must have lived in the home within the last 18mo.
Does anyone know
Is the 18mo. owner occupied provision absolute?
Which would mean they have approx. 6 mo. to begin the process and acquire an ATP?
Replies to This Discussion
-
Permalink Reply by Kevin - Greenville, SC on
-
Is the 18mo. owner occupied provision absolute? - No, ask them to request a variance from HUD. Just got one approved the other day.
-
-
Permalink Reply by Jilly on
-
Thanks Kevin!
Of course I would have more comfort if there were something in writing to point to.
-
-
Permalink Reply by ElizabethWeintraub00697006LyonRE on
-
I also received an exception. The seller's mother died, and she was living in the home, so they rented it out for the last 5 years.
-
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons