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Short Sale Declined-No Hardship

Posted by John P on October 11, 2012 at 5:14am in Short Sale Discussions

We are the buyer in this short sale, and was advised that the short sale was declined due to the seller not having a hardship, this seller is being relocated, he is not in the military but is taking a military job, The relocation is out of state. This loan is Fannie Mae, and it was declined by Fannie Mae,

 

The guidelines are suppose to be changing effective 11/1/2012.

 

Should we resubmit 11/1/2012? Anyone having this same or related issue that could offer up any advice.

The Negotiator/Servicer was very puzzled why it was not approved.

 

Thanks for your advice/opinions etc.

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Replies

  • Jeff Payne October 11, 2012 at 5:16am

    Perhaps they believe it was a voluntary move and not a forced move, I have had negotiators tell us that before.

    • John P > Jeff Payne October 11, 2012 at 6:37am

      Okay. I believe it is voluntary, he applied for a job, and its in another state, its not like military being restationed at another base. So do you even think its even worth resubmitting 11/1/2012? The Fannie Mae guidelines from what I am understanding is that the servicer will be able to negotiate and approve without Fannie Mae's stamp of approval.

       

      We have been dealing with this going on 6 months, and just when we thought we were getting an approval last week it was declined, talk about irritating.

      • Jeff Payne > John P October 11, 2012 at 7:34am

        John you ask great questions..... have you asked your agent these questions?

  • John P October 11, 2012 at 5:14am

    Forgot to add-This is a Chase loan

This reply was deleted.
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