Its been years since I did a shortsale but pretty much knew all the major banks criteria including FHA loans from the many negotiations involved. I have not had the opportunity to shortsale a house that has a USDA loan.
I have a contract in a rural area and the house has been sitting empty with a leaky roof and mold in a couple of walls. Termite and wood damage. House been empty for years. Nothing scary just another remodel or fix if I decide to keep it as a rental.
My question is the following:
1. Does anyone know if the USDA offers shortsale?
2. If so, what is their criteria?
3. Does anyone have any knowledge of anyone simply taking over a USDA loan?
USDA does short sales I have closed several...their process is a little like FHA...but not as strict
I am not sure what you mean by "criteria" Obviously the sellers have to have a financial hardship, be approved etc.
I do believe USDA loans may be assumable..but there is a process involved and frankly, if the home is overleveraged, why in the world would you want to assume someone else's negative equity.
Yes, they do short sales. Guidelines are similiar to other government loans with a deviation in their minimum NET proceeds.