BofA rejecting short sale due to audit of loan origination

I have been in a short sale for almost a year, the bank continued to decline our offer due to price, we came up to price and then they rejected it due to non-arms length transaction, I escalated to legal and this week they are stating it is not the buyer but the seller, they did an audit on the loan and they are stating their is discrepancies in the loan origination and that we can not do a short sale, only deed in lieu or foreclosure, has anyone experienced this situation?  I need some guidance to pursue this matter, does anyone have any suggestions.  Please advise.  TThank you.

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Permalink Reply by Teresa Keeler on October 4, 2013 at 9:55am

I have had something similar happen at Wells. Once there are any additional steps taken to challenge the legalities of the mortgage or any issue for that matter, the file gets "flagged for litigation" and can no longer be processed as a short sale. You may be able to find a way around this, as I did with Wells, but for B of A I would reach out through twitter. The may be able to guide you in the right direction. Also - if the seller hired someone to audit their documents they could choose to rescind the audit. B of A may allow a short sale if it is no longer active, but this could take time. Twitter people are great and should be able to direct you.  Good luck!

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