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I have a FHA loan and I am afraid I'll be denied a short sale, advice?

I have a FHA loan and need to short sale to move from my property. However, we have three 'hardships' but none of them are financial and this worries me. Can someone provide guidance or share a similar story?

To make a long story short, we bought a home five years ago with the intent that we would live in it for 4-5 years and sell it when we outgrew it. Well, we've outgrown the home and now have one of our parents and our 11 month old in a space that is designed for two people. Also, my husband switched jobs very recently because the company he was working for was having financial hardship and he wanted to move companies before he was possibly forced to to move via the company closing their doors/downsizing. Finally, the parent (approaching 70yrs old) that stays with us is forced to sleep on the couch in the living room and is having trouble making it up and down the stairs of our very narrow and tall townhome (3 stories).

So, while we have 'hardship,' our reasons for moving are not financial in nature. However, if we were to move we cannot cover both a mortgage and rent for a larger home. We also could only get about 70% of the monthly loan amount covered by rent.

Now, after reading everything on FHA short sales, I am really afraid that they will only take our financials into consideration and not our other hardship. Apparently it will take 3-4 weeks to find out but I am just terribly worried and am hoping someone can provide guidance or a story of a family with a similar situation.

Thank you.
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March 15 2012 - US
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Answers (3)

Profile picture for user056846
I would love to hear how you made out with this.  Our situation is somewhat similar.  Did you stay current on all payments?
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February 09 2013
It appears that you do have a hardship in that your home can not house your aging parents. I think it is worth a try. Good luck to you. Suzanne Looker
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March 17 2012
Give it a try.  If they say 'no' then it'll be the same as not trying.
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March 15 2012
 
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