WF short sale not moving

I have a listing that we submitted to WF on 3-8-14 as a full package. The processor did not finish and move it to the next person until last week. He said he would review the file and issue the approval. I got an email and it is just the ATP for the seller. I emailed and asked about the approval for the contract and he said

"We need the new ATP documentation sent in again. I won’t be approving the offer, that responsibility falls to the post-ATP (approval to participate) negotiator."

So superstars, when exactly does the time frame start? I thought the lenders had 30 days and they are already at 2 months

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Replies to This Discussion

Permalink Reply by Debi Braulik on May 5, 2014 at 8:30am

I was where you are at Jan 23rd... and we are still waiting.

The office of the VP said to me- "Not every one is entitled to a short sale. We don't just approve everyone." I think this is their new mantra and they are making it really difficult to get approvals.

Permalink Reply by David A. Roebuck on June 10, 2014 at 3:31am

Debi, do you have the contact info for the VP office -- I am looking for higher management escalation

Permalink Reply by Mary Ann Candelora on May 5, 2014 at 8:30am

Hi Valerie,

I'm not sure what he means by "New ATP documentation". Has the ATP expired? It should be good for 120 days from the date issued. I would ask for the contact information of the "post-ATP" negotiator. That is the first time I've ever heard of that. If you have an ATP and it's still good and you're meeting the required net, there shouldn't be an issue getting an approval.

Permalink Reply by Mary Ann Candelora on May 5, 2014 at 9:04am

You can also contact FHA and let them know about the issues that you are having with the servicer.

Permalink Reply by Teresa Keeler on May 5, 2014 at 9:54am

I have not done a ton of FHA short sales, but my understanding is that you must have the Approval To Participate (ATP) complete and approved BEFORE submitting a package with an agreement of sale. This is probably why she has asked for a new ATP package. I hardly ever see a lender comply with the time frame requirements because they always find some reason to call the file incomplete.

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