Just got a rejection letter on a Short Sale stating that the Borrowers might be eligible for a Retention Option and have to go that route prior to be considered for a short sale. While with GMAC they did try to do a Loan Modification and they were rejected. Is there a way around this? We can re-submit the paperwork wait the 30-45 days, they will get rejected again for the loan modification.
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I would try to do a HAFA short sale. This will work only if the sellers dont have over $5000 in reserves. If this is the case HAFA would be the best option since you don't have to try anything else prior to the short sale. Check with your State Realtor's Association about HAFA courses available. They are a must do for all realtors listing or working with buyers.
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