I have a client who has a FHA loan with WF. She called to start her short sale and they told her she must be at least 31 days delinquent. The reason they are selling is due to the husbands loss of employment and they must relocate in order to find a job in his line of work. The wife works and theyare managing to make their payment for now.However in order to relocate they must do a short sale as the home is valued much less than what they owe. They were hoping to avoid being in default on top of doing the short sale. SO the question is do they have to be in default in order to be approved for the SS?

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Yes, per FHA guidelines they must be 31 days late at closing.

 

Kevin Willson

(864) 485-9283

www.kevinsellstheupstate.com

That is correct per FHA guidelines they have to be 31 days late, but here is the kicker.  It is obivious that your seller's are trying to do the right thing and salvage their credit by being proactive and it is a pending legitimate financial hardship.  Ask your seller's to give you authorization so you can speak to the lender.  You need to throughly explain their pending financial hardship and ask Wells if there is anyway to get a waiver?  You may have to call them several times until you reach a representative who will help.  You can also contact HUD and explain the situation to them and ask if a waiver to the FHA guidelines can be granted.

Like anything with short sale it will take determination to get it done but it is possible.

Good Luck!

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