I had a non-GSE short sale approved with previous buyer. She back out of deal dude to findings in the inspection. Went to backup offer and agreed to purchase as is with 20 days left on the original approval. I requested the approval to be changed to new buyer name. The first approval included the 2nd lien payout with proof of mtg recorded and certification from 2nd lien holders attorney.

The bank took too long and spent the 20 days left on original approval. New BPO done higher and higher purchase priced agreed by buyer. Now the new negotiator does not want to approve 2nd lien because we do not have a mtg statement.

My question is if we had a previous approval without a statement why can I get an updated approval the same way? Does anybody know?


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Different representatives may be more strict than others or maybe it slipped by previously. Typically a 1st mortgage wants to see how much is owed to a 2nd mortgage prior to allocating funds to them. Escalate the file to the OOP for the negotiator to move forward with the same amount to the 2nd as the previously issued approval letter or call the 2nd mortgage and get a payoff.

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