I have been working on a US Bank - FHA Short Sale since 12/10. Seller's employment contract was up in January 11, and was not going to be renewed. Because of the unemployment situation at the time the family made a decision to become missionaries in Africa, therefore decided to sell their home, because of the market they of course owed more than the home was worth. Their income was reduced drastically and they had to cover their own living expenses in Africa through donations they generated.
I sent in a short sale package in December 2010. In January, February, March and April I was continually told that the US Bank FHA department was backed up and it would take another 12-16 weeks. On August 1, I received an email stating that the file had been denied due to excess income. WHAT EXCESS INCOME.
Anyone out there have a more direct line to US Bank - FHA Short Sale Department. I am going to submit a whole new package, any suggestions at all would be appreciated!!