Flagstar is denying one of my files saying that my home owner can afford the home and they will not do a short sale. His only option is to pay off the home in full. Has anyone experienced this before? He has not missed a payment yet either. Does he have to miss a payment before he does the short sale? If you have experienced this with Flagstar please let me know. I have closed a few short sales with them already so this is a first for me as far as completely being turned down to do a short sale and saying my client has to pay it in full.
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No the home owner backed out of the short sale. The home owner could not show a loss on the property since he was renting it out and making money off of it every month. If the home owner could show that he was loosing money off of the property then they would have allowed the short sale. The only thing I could recommend doing depending on the details of the file is trying to find out who the investor is and dealing directly with them. I have done this with Flagstar before and was successful. Flagstar is one of the worst banks to deal with when doing short sales. They don't even like to approve short sales for active military which they are required to do according to the soldiers act. Sorry I couldn't be more help.
Just had the same thing happen...did you get anywhere?