Has anyone had a deal with Wells recently where your short sale was closed out and an extension denied because they only give 1 30 day extension? 

Here is the situation - The original approval letter was issued 10/11 with a COE on 10/25 (2 weeks).  Buyer's lender would not work the file because he knew he could not close it in that amount of time.  An extension was issued on 11/3 with a COE 11/27 (Sunday after Thanksgiving).  With the holidays (Thanksgiving and Veterens Day) we lost days.  Buyer could not get the loan and gathered cash to close the deal.  He gathered all of the necessary cash on 11/23 but the 24th and 25th were holidays so we could not close.  I requested an extension on 11/23 and could not get the closer to respond until 11/29 when she said she was making the request.  Tonight at 7:30 PST I received the following message:

Unfortunately we are unable to proceed with short sale review for the following reason(s):

California Guidelines state that we cannot extend the close date on a file further than 30 days of what is stated on the Wells Fargo Approval Letter. The original approval (issued on 10/11/11) stated a close date on or before 10/25/11. We can no longer issue any extensions for this file.


Has anyone ever seen this happen?  I called the closer and she said there was an email sent out.  Any suggestions?  I just need an extension for a couple days (including Wells' 48 hour HUD review period).  I am going to contact the Executive Office in the AM but if anyone has any ideas...I am all ears.

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Guidelines are usually investor specific. Do you know who the investor is? If not, you need to go to the fannie mae, freddie mac, and MERS websites and see if you can fine the information there. Contacting the investor is one way to get the investor guidelines waived.

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