Does anyone know what's happening regarding guideline changes on May 28, 2013?
I just received a short sale approval letter, saying we have to close escrow by May 28 (that's in 7 days!) even though the buyer is getting a loan. Negotiator says it's due to upcoming guideline changes, so no approval letters are being issued with close dates beyond May 28 and we can "discuss an extension after that date." Investor is FNMA, servicer is Seterus, negotiator is Loan Resolution Corp. Property is is Cal.
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OMG! WHy oh why did you allow Loan Resolution Corp to be in the middle and negotiate this sale?
I know hindsight is foresight.......but for anyone in the future...if u have a Seterus short sale
please say NO to LRC trying to GET in the middle and deal directly with Seterus and
don't even go on the Clarifire site it will screw things up just do it normally works like a champ
I've been told Seterus is a Fannie company....don't know if this is true but Fannie owns a ton of their loans...
and IS tied up with them in some fashion
If there are no guidelines that anyone can find on the internet etc ...then it has to be with LRC's guidelines
and Seterus and/or Fannie Mae....
They need to BEAR the BURDEN of PROOF request that THEY send u these guidelines in writing...
Escalte to FNMA
http://www.homepathforshortsales.com/short-sales-listingagent.html
Thanks Kevin. After more research, it's looking like the May 28 "guideline change" is coming from Loan Resolution Corp, not Seterus or FNMA.
Escalate to FNMA if you need more time. FNMA's Guideline is 60 days from Approval.
Closing Requirements
Q13. How does the servicer make a request for a closing extension on a short sale when it is not
possible to close it within 60 days of an approval?
Short sale closing extension requests should be sent to:
ream_short_sales_desk@fanniemae.com.
https://www.fanniemae.com/content/faq/short-sale-faqs.pdf