Hi all - I was advised by Ditech today (10/11/17) that any short sale that is currently under review with an INCOMPLETE or PARTIAL submission package (even outstanding document request) would be pulled from short sale on 10/15/17 and referred to loan modification review.
Has anyone heard this? I tried to get more info, but was advised that this appears to only apply to government loans but there was no additional information available. The particular loan that I was speaking with them about is a Freddie. It looks like they will be starting the old waterfall process where you have to be declined for a modification before starting up a short sale. An opt-out letter will not suffice, even if property is vacant and there is an offer.
Anyone heard anything similar?
I haven't heard this on any of my files...however the waterfall program is specific to FHA. As far as I know Fannie and Freddie have not made any changes to their SS guidelines.