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Here's a Tricky One

Posted by Tamara Dorris on February 29, 2012 at 9:14am in Short Sale Discussions

I have a homeowner who was laid off, so he does have that hardship.

However, when he married his wife last year, they moved into her house and rented his out. His name is NOT on her title and her name is not on his, however, the tenant is not paying rent and with him not working, he wants to do a short sale. Bank is CitiBank, one loan. His payments are current.

My question is, does this count as a primary residence? It's the only house he owns so it seems like it wouldn't.  Any advise from the wise ones?

Thank you!

tamara

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Replies

  • Cheri Murphy February 29, 2012 at 10:21am

    Have seller be very upfront about the situation in the hardship letter.  Shouldn't be a problem that it is not primary residence as long as everything is disclosed upfront.  The problem will be if it is not disclosed that he no longer resides in the property.

    • Tamara Dorris > Cheri Murphy February 29, 2012 at 10:24am

      Thanks Cheri, very good point!


      I guess my concern is any less favorable conditions....with "investors" there is not the tax break and they are sometimes asked to contribute...at least in my experience.


      And we will disclose that he's not living there and that someone is but not paying rent.


      Thank you!

  • Mike Rosania February 29, 2012 at 9:44am

    If there is a tenant in the house, I cant see how it would still be considered a  primary residence.

    • Tamara Dorris > Mike Rosania February 29, 2012 at 9:46am

      I agree Mike, but it's the only house he owns. It will be interesting, to say the least.

      Thanks for commenting.


      T

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