I have a short sale with an FHA loan through Wells Fargo on the first and Green Tree as the second. We received the approval letter from Green Tree in which they say that they will agree to the short sale only if they receive a total of $12,030. I know Wells Fargo will allow something towards the second and the buyer has potentially agreed to pay the remainder to Green Tree (it will all depend on what Wells Fargo says is the approved value). If Wells Fargo will not allow the buyer to contribute the difference between what Wells Fargo will approve and what Green Tree says they will accept, can this be renegotiated with Green Tree? Thanks for your help!
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If it is FHA short sale they should allow contributions above HUD's governed payoff amount to the 2nd which will be $1,500. The 1st may require a letter showing that the difference will be covered and/or if the 2nd will accept $1,500 prior to issuing an ATP. It also may be possible to get the 2nd down to some degree.
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