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.
Tags:
There are no other options for an FHA Insured Loan except for a PFS. Has WF requested a variance from HUD?
They have not. I thought I would wait until a contract to submit but maybe go ahead now?
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.
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.
Was there a hardship reason for renting it out? If so, provide a detailed letter with proof, if available, to Wells Fargo.
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.
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.