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@Reggie With Chase they are the servicer. If it is an FHA escalate with FHA also.
I have a chase short sale through equator. under contract ready to close. It has been under contract for quite some time with two scheduled foreclosure sale dates that were postponed. We have sell date for the first of February now and are ready to close but we are waiting on a negotiator with equator. Should I escalate within equator or with chase, or any tips? Thanks
Not at the moment. But you can call me tomorrow.
ElizabethWeintraub00697006LyonRE are you available to talk?
Yes pretty much everyone's definition is the same, unless the daughter is a minor you would have a hard time going that way. Like Elizabeth said, the daughter as a tenant can get the relocation incentive, it's the easiest way to go. HAFA pays relocation incentives to the tenant of the property, you might just have to provide a letter stating that she's not paying them rent so it doesn't screw up your financials.
@Dean I am doing a Chase FHA short sale at the moment, in which we stated the daughter is a tenant there, and they are authorizing a $3,000 relo.
@Jimena It is FHA and my understanding is they only pay the owner, unless there is a rule you can point me to that says otherwise.
Is Fannie definition of Owner-Occupied the same for FHA? So if the daughter stayed and continued to occupy isn't that part of the owner's family. Seems like splitting hairs if the parent moves and daughter stays to occupy the property until sold.
Definition of Owner -Occupant according to Fannie Mae...A principal residence is a property that the borrower occupies as his or her primary residence.
https://www.fanniemae.com/content/guide/selling/b2/1/01.html
Basically the borrower is considered the owner and that's who has to occupy the residence.
You can try to get the relocation money for the daughter instead.
@elizabeth -- I have a question along that same line. FHA of owner occupant, owner gets job transfer, more 4 hour drive away, daughter stays in the house for insurance purposes (not rented). $3,000 incentive denied cause "Approval to Participate, page 2 of the documents states, the customer must occupy the property in order to be approved for the relocation assistance"... it was confirmed that a family member was occupying the property". ... The hang up seems to be the definition of "Owner-Occupany Mortgagor". Can anyone point me to a rule or definition of the owner occupant?
I wonder if the negotiator is confused and trying to pay a relocation incentive, which is generally only available to owner occupants? Is she or he trying to process this as an owner occupied HAFA? I've closed a number of non-owner occupied Chase short sales, so this doesn't make sense. But I've also had a lot of problems with Chase short sales lately, dealing with negotiators who try to say XYZ is policy when no such animal exists.
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