Hello Superstars,
I have a client who would like to short sell her home. She was recently approved for a loan modification on a FHA mortgage. The seller's hardship began after a divorce. The seller tells me she'll be struggling with the modified loan payment. Can we initiate a short sale under this scenario? I'm hearing mixed information. My hunch is that she can given the effects of divorce for which her ex-husband is still on the mortgage. The lender is Wells. What say you? Thanks.
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Yes. If the Borrower circumstances change FHA will consider other retention or disposition options.
Change since the loan mod or the original mortgage?
both.
Thanks Kevin.
Yes, she can still be considered for a short sale, especially if her financial situation has changed.
Doesn't sound like her circumstances have changed, since the loan mod. Qualifying for the loan mod sort of flies in the face of qualifying for a short sale. Obviously, give it a shot though.
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