US Bank Short Sale denial because investor owned property

Has anyone been told by US Bank that their policy is to deny short sales for investor owned property in Florida?  If yes, what did you do, who did you contact and were you able to obtain approval after the denial?

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Permalink Reply by Jeff Payne on May 20, 2011 at 4:23am
Nope, never heard of it.  What type of a loan do you have?  US Bank seems to deal in govt loans in my area, USDA, VA, FHA and FLorida Bond Loans. 
Permalink Reply by TL on May 20, 2011 at 6:34am
Regular loan. 
Permalink Reply by Jeff Payne on May 20, 2011 at 6:46am
Does not make much sense unless the seller is not in a hardship.  Might be an isolated incident
Permalink Reply by Smitty on May 20, 2011 at 10:06am
Are you sure it was a denial soley because an investor owned the property?  I agree with jeff, maybe there was no hardship present.  I actually think it's discrimanatory if they deny a short sale because it was an investment property.  I'm no lawyer but can't understand why a second home should be treated differently, other than a waiver of deficiency and tax ramifications.
Permalink Reply by TL on May 20, 2011 at 12:09pm
That was the language.  But now talking again.
Permalink Reply by Previous SunTrust Negotiatior on May 20, 2011 at 5:19pm
This was not denied because it was a portfolio loan. In most cases, it would be denied because they did not prove a true hardship or it was a strategic default. If it is a portfolio they want it off the books. I would recommend ontaining a credit report for all borrowers you are doing short sales with. It is important to understand the hardship and if any assets were disclosed on the 1003

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