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I just recently looked at the updated July guidelines and it says as non-owner occupant it can be expedited if more than x amount past due. Is seller signifantly past due.
I have a similar issue in the seller rented less than a year and when we submitted file she put it was now vacant (as tenant was to have moved out the day before). It turns out they were still there when I showed up and have been a holdover tenant b/c they couldn't find another place to live for what they were paying there. They are due to be out 8/1. According to Nationstar it doesn't qualify as it would be vacant and I would need to appeal. Huh? Am I missing something...they can not rent it and it can not be vacant?
I hope someone who has mroe experience with FHA chimes in. I've never done a variance and nationstar is giving no instruction. Took 2 months just to hear this.
The way I read the new guidelines if seller isn't in it then they can qualify for PFS as non-owner occupied and length of rental history doesn't matter. Someone please correct me if i'm wrong.
As Tara has said below FHA came out with new Guidance, however Servicer's are not required to implement until 10-1-13. I have e-mailed several Servicer's and they say they have no plans to implement sooner.
Ouch...maybe we should just reinitialize the file then...
Under guidelines the servicers are using can the property be vacant if utilities are maintained? Or is the concern the borrower is not getting rent? with mine- the rent she gets is 400 less than her mortgage...it seemed a slam dunk based on her financials (no money). the tenant was to have moved out 2 months ago but held on. She is not getting money. I'm also perplexed b/c nationstar never moved file out of marketing in Equator over 2 months, but negotiator wrote and said it was denied and would need an appeal. No responses to my requests for an appeal. do I appeal through the negotiator/nationstar or go directly to FHA? I was told the denial reason was the borrower left the property and moved (although due to hardship and work) and it was vacant. At the time of the package it was to have been vacant (holdover tenant I discovered). Are we better to get the tenant (or home tender at this point) out or keep them in to show it is not vacant? I'd prefer it vacant b/c hard on showings with the tenants. Thanks
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