I’ve heard that a lender will not accept or even consider a short sale if the homeowner has had less than a years vesting.
The home was purchased April 07 - First payment June 1 - Last payment made August 07. This is an investment property for the homeowner. I’m thinking she is SOL because of the time she’s had the property regardless of her situation. Do I pass this one up or what else can the H/O do?
If she is in default she is in default…
Who’s the lender?
I’d give it a shot and see what happens. They are obviously going to think there was fraud because of the quick default time, but if you didn’t have anything to do with it then there’s no worry.
Good Luck! :beer
Exactly the issue, well maybe not fraud persay a dishonest investor sold her the home. I’m still getting all the details. The lender is American Home Mortgage. I thought I’d give it a shot because the file as a whole looks good. The home had major mold issues and caused a lot of damange plus it is in a bad area - in addition it needs other repairs. Still working the numbers but it appears to be about 20k in repairs. Sales are really poor in the neighborhood as well. I figured we had that much going for us. Thank you!