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Sellers realtorwithholding info - variances - HUD and second mortgage

Posted by Happy831 on May 21, 2012 at 3:12am in Short Sale Discussions
Heres my situation: I'm using wells Fargo FHA loan I made an offer - owner approved bank countered msl or higher I counter offered msl minus 3k closing (more then 1%) Received a message from my realtor that the lender "semi approved" counter offer but we are waiting on a HUD variance for final approval- 1 week wait at most I ask what the variance was about and no answer  so I research variances online and flake the assumption it has to do with my asking for more then 1% closing costs A week passes and no word after getting upset with my relalitor for not knowing what the HUD variance was for nor finding out from sellers realtor My relalitor finally said it would be another few days (10 days total, business?) And that the variance was for HUD to forgive second mortgage (I was told there wasn't a 2nd mortgage!!!) Am i wasting my time? What are my chances of HUD forgiving the 2nd mortgage? What is the real turn around time on a variance request? Thanks for any help 

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Replies

  • Drew Ludlow May 21, 2012 at 5:02am

    A variance can take 7 days or more.  Usually more.

    I have never heard of a complete forgiveness of a mortgage.  Are you sure he did not mean forgiveness of the debt?

    I am also confused about a 2nd mortgage on an FHA loan.  Is is a line of credit?

    • Happy831 > Drew Ludlow May 21, 2012 at 5:22am
      I (buyer) will be using FHA ... The sellers 2nd mortgage is through HUD... Atleast that's what I am being told .by my agent (ba) through sellers agent ... 
      That's where I am confused it could be a forgiveness of debt request I have no idea and my agent seems clueless about this variances and no interest in getting informed and has to be pushed to ask sellers agent questions... If it weren't improper etiquette I would call the sellers agent myself an try to get some straight answers. 

      Thanks for your response
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