I am looking for any insight into getting an approval extended without starting all over. The file was initially approved on May 15 (one loan, fannie mae, GT servicer). The buyers' lender has had a heck of a time getting the financing together, but they finally have docs in title. Unfortunately, the approval expired last Friday, July 8th. Given the fact that we are so close, has anyone had experience with a higher-up rep. at Fannie Mae who can help us get this closed?

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Does anyone have a telephone # for Fannie Mae?

 

Did you escalate through www.homepathforshortsales.com?

Thanks, Kevin. Yes, that was the first thing I did. I have actually found that tool quite helpful. Green Tree had previously declined the short sale. It wasn't until I escalated with Fannie Mae that I got an approval. I'm hoping Fannie will see that benefit to closing this deal now, rather than starting over. The sellers moved out of the home in anticipation of the closing, so now the home is vacant without utilities. I'll be sure to post the outcome -- fingers crossed. 

I'm guessing even if you reach out to Fannie, you are probably going to have to resubmit a new hud to the loan servicer, with a new settlement date and updated property taxes, etc...driven by the new settlement date.  I would do that immediately, and at the same time try to reach out directly to Fannie.  If the deal drags out so long that the lenders BPO is expired, they will probably want a new valuation since prices are climbing.  What the heck is wrong with the buyers lender that he could not wrap up the loan in a reasonable time frame?  Even "standard sales" in my area would not allow a buyer 60 days to close.

Diane

Thanks Diane. Right after escalating with Fannie, I resubmitted the package with a new HUD a few weeks out. And you're right. The buyers' lender absolutely should have closed within the timeframe.  The lender had had the file for 45 days when the approval expired. We were waiting for docs for 3 weeks -- inefficient processor, ridiculous underwriting, etc. Just hoping that since we have docs in and signed, they will see benefit to closing and getting it off their books. 

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