Friends,
I recently got a call from my assigned Chase short sale negotiator denying the short sale because she said that Freddie Mac's guidelines do not allow my homeowner to purchase another home, which they did. Long story short, we started the short sale process once before prior to homeowner having any mortgage lates on record. They wanted to go this route to preserve their credit. Got denied the first time because of no lates, which they were borrowing from family to maintain. Homeowners wanted to move to a smaller home that will be able to be maintained with my clients current income. We helped them find that new home. They save over $1,000 with their new mortgage payments in comparison with Chase and the second lien holder which is Bank of Commerce out of CA. The second time around with the short sale (Chase) with June and July being late, Freddie Mac, the investor, denied the short sale today because they purchased this new home that would help them out due to the low interest rates and values. **Second lien holder approved the short sale on their end.**
What can I do? Any advice or strategies would be great and helpful.
Thank you in advance,
AC
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I can't say for sure, but I believe things would change in a few months when the property is closer to becoming an REO. A few more months of missed payments should soften them up a bit. :-) It takes the pressure off of the client's financial situation and more towards them mitigating their own loss....
Buckle in for a long haul and don't give up.
Thank you Justin.
Escalate, Escalate, Escalate
Yep. I'm with Jeff. Escalate and talk to someone else. I had a file get denied because the homeowner used part of insurance money to PAY chase with and was told the homeowner committed insurance fraud. I pushed and pushed and it got approved. I had to bypass chase and go to the investor which was Fannie, but it got done.