Will Lender Allow SS
My husband was transferred to another city by work. Before moving we tried to sell our condo for 13 months without success. Upon our move we purchased another home. Our condo and current home are both FHA insured. Will our condo lender allow a short sale on the property once they see we've already purchased another home? :-?
One requirement for short sale consideration is that the subject property be owner-occupied.
I've found that this requirement can be waived if the property was vacated due to a hardship.
Would a transfer be considered a hardship? Perhaps. If your husband declined the transfer, would he have lost his job?
[addsig]
You must be three months behind on payments before the lender will consider a short sell (rule of thumb). I have done SS on FHA that were not occupied and the lender never asked.
Brenda