We had short sale approval through 4-11 frm LBPS. This is burearcracy at its best.
Loan docs signed, loan funded last week. Title sent the final hud 5 days ahead of time. NOONE responded. Wed I call to LBPS to find out why. LBPS would not approve the hud which was more than the approval letter and ready to close prior to the end date for the approval. WHY couldn't someone have told us. WHY do we have to call in to find this out. WHY if we follow the approval letter instructions nobody would respond until WE called in.
The reason.......as of 3-30 the current BPO would be over 90 days. Even tho we had an approval letter. They would not make an exception. They ordered a BPO on 3-23, sed the agent could not get ahold of us for entry and did a drive by. NEVER told us this, noone contacted us for BPO and there would have been plenty of time if we knew this, so they had to order another one last wed. The BPO was done last Friday and I talked with the agent so I know we are ok there.
We tried to get an exception for this ridiculous request since we were so close to closing.
The wierd part is they did approve the hud last friday but said would not accept if it closed. And title was not going to take a chance on just recording. They even sent this to internal error oversight committee. Now if they have a committee for this, there must be some errors. But it still came back, oh we need a bpo.
This is a fannie mae loan. And now we need a new approval with new numbers cuz they totally screwed up and admit it but are not working to get it done. Trustee date set for 4-26. Second's letter is only good through 4-15.
We are tearing our hair out calling and emailing. This really should be broadcast for such short sightedness.
come on a damn BPO??? cuz it would be 11 days too old if we closed when we were supposed to WITH AN APPROVAL LETTER?
Please any help you can give. and our mls does not have the fannie mae assistance line either.