Hi,

I just got a call from BoA to inform me the we are not eligible for a FHA "preforclosure sale" since we have tenants in the house (bought a new house not far away from house in question).

And also not eligible for a "streamline" one since our credit score is "too high" (havent made payments in the last 7months)

Is that true? We purchased this house as our primary residence then bought a new home earlier this year and we've been renting it out (cant sell, upside down) but my wife had to quit working for health reason so we cant afford it to keep it anymore.

(We were denied loan modification since we didnt plan on keeping the house so they then transferred to the short sale dept so we followed the right steps).

Will a realtor be able to help us with that? Or should we just give up and try deed in lieu?.

 

Thanks!

 

 

 

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So are you doing a "Buy and Bail"  - Bought a new house and took advantage of the lower prices, stopped making payments and now trying to sell the former house as a short sale?  It's doubtful BofA / FHA will allow any kind of short sale or DIL.  Just my opinion.

Hi there, I had the same mess on an FHA short sale with BofA.  Unoccupied, was told not eligible, got in touch with HUD, they said go ahead and list it and get an offer and we will make it work.  Had to go through the modification process first.  We are about to close on this short sale.  FHA with BofA is THE worst.  My advice, get a Realtor who KNOWS short sales and have them get HUD involved.  It will take months, but it CAN be done.

It can be done. Of course banks/ Fannie Mae/ Freddie Mac, etc are getting more difficult to work with and their rules change from week to week, but I worked with sellers who were in similar to your situation.

You probably will not qualify for FHA ( we give you money to move out short sale,because as far as investor is concerned this is not your primary residence anymore, but it does not mean you will not qualify for regular short sale). If you can prove hardship ( and seems with your wife losing job  you probably can) you can short sale your property. It will take a little bit of time, work, but that is true with any pre-foreclosure sale

With ANY short sale you have to get Realtor involved , so don't wait. Find Experienced Agent in your area and don't give up.  

Thanks everyone for your replies! (sorry been busy)

I initially gave up on short selling but you gave me hope so I will give it an other try,

The Realtor I spoke with in the first place (she said she have experience with FHA) told me that with FHA I had to get the short sale approved first before listing the house (and BoA denied as mentioned above).

So I'm guessing I need to find an other Realtor that know that there are other ways to do this.

 

 

 

 

 

 

Banks have pretty well scared off agents from short sales, and as mentioned, BofA with FHA is really a bad combination. Companies like mine do short sales for agents and attorneys. So you can get an agent who just does normal sales stuff and use a pro who deals with short sales all the time. There are several companies here that do SS's for other agents, so ask and you'll get responses. You don't need to find an agent versed in SS's, you can get an agent willing to work with someone who does short sales. Send me a message, if you wish, or ask on the forum.

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