DENIED!
My seller was denied into the PFS program due to renting for 2 years. Can we proceed with a traditional short sale? Wells Fargo rep states his only options are bringing the loan current, selling for what he owes or foreclosure. Hard to believe a traditional short sale is not allowed. He moved out of the townhouse for more room for a growing family.
Replies to This Discussion
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Permalink Reply by Kevin - Greenville, SC on
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There are no other options for an FHA Insured Loan except for a PFS. Has WF requested a variance from HUD?
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Permalink Reply by Amanda Pittman on
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They have not. I thought I would wait until a contract to submit but maybe go ahead now?
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Go ahead now. A contract is not a requirement for them to request a variance for occupancy reasons. Keep fighting back if they won't submit the request.
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Permalink Reply by Jim Hale on
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Not being able to do a short sale would not be a real loss here in Oregon, because, by renting the house, the owner would have lost his homestead exemption from deficiency judgment. The lender would have no incentive to play ball anyway.
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Permalink Reply by Wendy Rulnick on
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Was there a hardship reason for renting it out? If so, provide a detailed letter with proof, if available, to Wells Fargo.
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Permalink Reply by Michael Schneider on
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I can see that after two years of renting, the seller probably should not be granted the rights and protections of PFSP, but no short sale? Really? How does that make sense?
Does the FHA hire people to increase their losses, or does it just come naturally to them? My theory is that they have a department called Loss Amplification.
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