Seterus requesting contribution after approving short sale with no contribution

I got an approval from a short sale from Seterus within 2weeks which is great, but within a week the cash buyer cancelled the contract. We got another buyer with exact term and net to Seterus.. now they want cash contribution from seller or promisory note.. This is was not on the first approval letter- the excuse he gave me was that the MI thought this was an HAFA short sale - well we applied for HAFA short sale but was informed they did not qualify for HAFA, but short sale was approved. The investor is Fannie Mae .. Has anyone has this happened to them before?

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Permalink Reply by ElizabethWeintraub00697006LyonRE on September 22, 2011 at 5:15am

Fannie Mae is pretty tough. And this has MI, too? I'd say you're lucky to get it approved, even with a contribution. It sounds par for the course -- to issue approval by mistake.

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