Seller filed BK and after multiple attempts to do a short sale, ditech is finally ready to do a short sale. But now FHA says "Borrower is not elligible for the preforeclosure sale program regardless of offer or what final net may be because loan is too far delinquent".  Granted, it's 2486 days past due.

A variance was put in with FHA to let us do the short sale but it was denied because "a good reason for the delinquency" was not given on the variance request.

Does anyone know what the guidelines are for acceptable long-term delinquency reason with FHA, or where to find them?

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After 48 months seller is no longer eligible for any workout with FHA - no exceptions.

I believe 40 months is actually the mark per my HUD contact. @neil, your variance will likely be denied. I've never seen any short sales within the last few years for FHA get approved over 40 months behind. I don't personally take FHA files on like this anymore as they are always denied.

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