Hello, everyone. I have a short sale listed for sale - we have not yet gotten an offer on it. The first is with Wells Fargo and is an FHA loan. The second is with Green Tree (formerly with HSBC), Wells Fargo has told us that we need to have the approval of the second (Green Tree) before they can issue the ATP. My question is: can we get an approval from Green Tree without having an approval from the first (Wells Fargo) or even have a ratified offer? Please let me know. Thanks.
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You should be able to get the file open with Wells Fargo and moving forward if there is no foreclosure sale date. In order to issue an ATP they may want to see that all other lien holders will be able to be settled per FHA guidelines.
You should not need an approval from WF in order to get an approval from Green Tree. What type of lien is the 2nd? Is it a judgment or a mortgage lien? You likely will need an offer if it is a mortgage lien, but you should do additional research.
If you have any questions or would like assistance, don't hesitate to reach out to me.
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I suspect the negotiator at WF is interpreting the FHA guidelines in an odd manner because certain fees are not going to change regardless of any demands from GT, so they should be able to submit for an ATP without an approval from GT, which GT most likely will not release without an offer. You might ask the WF negotiator to clarify or to otherwise escalate the file to a supervisor.
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