We are working on a USDA short sale with Chase and the file has been declined & closed multiple times. It was closed for "voluntary hardship" because the seller moved out of state to find work after a divorce. It was closed again for hardship because they needed a more specific hardship letter stating the dates it was rented, if the tenants were current with their payments, and the date it was vacated. And they're now telling us that it has been closed and declined because the property was rented for more than 12 months. Can anyone point me in the direction of USDA's most recent set of guidelines? Or can anyone confirm if the seller will qualify or not based on it being rented? We've had an offer on this property for months and Chase just keeps dropping the ball. I've left voicemails for several contacts at USDA and haven't heard back. Any escalation contacts that any of you would like to share?

Thank you!!

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The 12 month rule for renting is common among USDA and FHA loans. I'd recommend to continue reaching out to USDA. I had this same thing happen with Chase, but the reason for moving was due to military job relocation. It took some fighting and we escalated to USDA and the hurdle was overcome. Depending on what state you are in, the contacts will vary. Where is the property located?

[email protected]

310-564-6389

www.ishortsalenow.com

Thanks, Brett. I've come across this many times on FHA loans and have always been able to get around it with variances, but I haven't been able to get USDA to respond like I typically can with FHA. The property is in Georgia.

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