I need some advice from all you pros out there. I just rec'd notice today from Wells Fargo that the short sale does not meet the investor's guidelines for imminent default -- again! The first attempt was declined in April because my clients weren't delinquent yet. I was told to resubmit and try again. Their last payment was in March. And now, it is declined a second time for the same reason.
The loan is purchase money in CA. My clients have no intention of keeping the property and will just let it go into foreclosure. According to the negotiator for this go-round, he said they need to be delinquent 4 months in order to be reviewed outside the guidelines of imminent default.
Has anyone else experienced this? If so, what did you do?
If anyone has an escalation contacts, that would be great as well.
I am not opposed to waiting until July and trying again, but heck, what a waste of the bank's time to have to review yet another file -- for the 3rd time!
I appreciate your thoughts!
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Hello Joanie, The most important thing is to make sure they have a hardship. If they don't they will have to make a cash contribution to the bank. Do you have one or two mortgages? Make sure you send a hardship letter with the reasons. Even if it is not a financial hardship, they may be able to get the approval if you have a good story to tell them. On the hardship letter is always good to let the bank know that if the short sale is not approved they will have no choice but go to foreclosure. And they should be willing to do so. Best lucky to you!
I am curious to know what the hardship is for the sellers. Banks want to keep them in the home if at all possible and many will try this option first. Has the seller attempted a loan modification?
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