I have been negotiating a FHA Chase short sale for the past year.  Finally issued the approval and ready to close.  Sent in the final HUDs 4 days before schedule closing.  The closer said through equator that they looked good. I asked for the final approval and he said should have soon.  We went ahead and signed the sellers and the buyer is cash so they wired funds.  I told the closer were ready to fund he said that the audit team found an issue with the appraisal and they denied the short sale.  I asked for more clarification only to be stonewalled with no response.  They said we now have to start the whole short sale process over from step one.  I escalated to the presidential office to no real help.  How is this possible for them to issue the approval letter and go back.  Any help is welcome

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Terrible!  Call HUD right away!

I did and they said I can't do anything because Chase won't tell me specifically what the issue their audit team found with the appraisal. 

Called a new guy at HUD who is opening the case - any other suggestions - Thanks

What happened when you called the chase executive office? were you not able to determine what issue was found? You should try calling back as you wait for the HUD to review the case, find out what the issue was so you know what angle to come at this file with next time around. Executive office should be able to get this information for you, you just need to ask the right questions, or maybe just more questions.

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