Forum

What's a variance HUD? Due to home being rented for 18 months?

Posted by Erica on July 31, 2013 at 4:38am in Short Sale Discussions
Been in short sale process since April. Just received this from negotiater - How much longer will this delay the process???? Once the loan is 31 days delinquent, the lender stated, at that point she can issue an approval letter provided that all the other conditions are satisfied. If all goes well, that will put us at the beginning part of September. Because the home was rented for over 18 months, SunTrust has to request a variance from HUD. At this stage of the short sale process, I am in direct contact with the Negotiator."

You need to be a member of Short Sale Superstars to add comments!

Join Short Sale Superstars

Email me when people reply –
Follow

Replies

  • Jonathan Katz July 31, 2013 at 6:05am

    Erica,

           A variance is similar to a request. Since the house was rented out for 18 months it doesn't meet HUD guidelines. They submitted a variance to HUD to see if they will allow an exception to be made so the transaction can continue moving forward in the Pre Foreclosure Sale Program.

    Hope this helps,

    Brett@ishortsalenow.com

    310-564-6389

    www.ishortsalenow.com

    • Erica > Jonathan Katz July 31, 2013 at 6:16am
      Well the buyers "hardship " is loss of job... So hoping things continue to move forward! Does he have to be deliquint 31 days before they can request variance?Thx for yur help :)
This reply was deleted.
********************************** like buttons ************************