Short sale approved but they want seller to miss a payment!

We put contract on a short sale through Suntrust in April. Bank approved short sale yesterday under the condition seller misses 1 payment! He's never been delinquent on payments! Is there any way to get by this? This will now push closing back another 6 weeks :/

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We are in Va!

I'm guessing they don't have an approval letter saying that, but some other communication.

I'll be laughing and shaking my head if there is though.

Erica:  This seller has an FHA loan, right?  If so, the borrower must be in default per HUD rules.

Do not TRUST anything that Suntrust  tells you.,. They are the WORST!!   They need to change their name to SUNUNTRUST

I am 98% sure that Suntrust does not service FHA backed loans.  If so then seller would have had to go through the initial qualifying stages and then be issued an Approval to Participate letter.  Suntrust does not issue approvals  with conditions




Go to the top at Suntrust and speak with them.

Find out who the Investor is and get it direct from them

REQUIRE them to put it in writing.

Contact the OCC and OTS to file formal complaints.

There are roughly 101 things you CAN do to combat this, but it will require countless hours over and above I am sure what you had planned on.

The "missed payments" topic is absolutely something that should be discussed up front with EVERY Seller in your pre-listing questionnaire (contact me direct for a copy of the one we suggest using).

Erica - not sure where you are in VA, but I live in Manassas, glad to meet or chat on the phone (and why are we NOT handling all this non-sense for you anyways)????

[email protected]

But didn't we sign affidavit staying we can't make contact with bank?

not sure what you are referring to?

The Seller has the ABSOLUTE right to know who the Investor is.

Our child is suppose to start school the first week of Sept so I wonder if they will take this consideration.

I would play that up if you can get to a decision maker, but the lower level persons have nothing in their script for this.

Erica  looks like everyone is giving you alot of misinformation.  You are the actual buyer , is that correct?

Yes I am the buyer! We put a contract on house in April we put offer in 12,500 over asking price we found out last week they accepted offer after his payment is late



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