M&T Bank: Loan modification required before Short Sale

I have been told that M&T bank doesn't initiate a Short Sale without a HAMP package being first submitted, even if the borrowers want to opt out. The HAMP processing time butts up to the auction date and to get an extension requires payment. Should I escalate the situation to higher ups or submit the HAMP package and try for an extension? Thanks.

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Permalink Reply by Bryant Tutas on July 6, 2012 at 11:42pm

I would do both. Get the package in so the clock starts ticking and then escalate at the same time.

Permalink Reply by Trong Dang on July 9, 2012 at 7:35am

Thank you for the feedback. I was also wondering if I wait for an offer, if I will have a better chance of getting the SS approved without the HAMP package. I was told that they also require the property be on the market for 3 months before it can be considered as a short sale, which is definitely past the auction date. Is there a chance that I can get this done without going through HAMP process?  

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