Nationstar refusing to extend short sale closing deadline. Got approval on the Friday evening just before we all left for Labor Day. We have been given only 30 days to close on a $750,000 short sale that requires a Jumbo loan. Best lender in town needs 40 days to close this. We have requested a 10 day extension (not to mention the time lost with Labor Day) and have been told that the investor (Fannie Mae) doesn't give extensions and even if we needed only one day they would rather cancel the entire short sale and make us start over. And if that happened they would only accept a cash buyer! Any suggestions on how we can escalate this....we have already had 3 failed requests to extend.
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Have you escalated to FNMA? FNMA allow for 60 day closings.
That is a ton of made up rules by NS. Sometimes they will wedge you into a close date if the valuation will expire around that time. Otherwise it just sounds like you have a jerk of a negotiator on your hands and their bonus is contingent on closed deals.
I wish there were more $750k short sales out there!
Try this in the executive dpt. Taylor Pettigrew [email protected] ph 972 956 6168
Have you tried escalating directly to Fannie Mae? Go to Home path/short sales and it shows the process. You will get more response than going through your servicer.
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