You give them what they want, they don't want it (SLS 1st)

I am working on the short sale for 5 months now. SLS is 1st and GreenTree 2nd. Long story short: SLS asked for 2nd approval before they approve. Both buyer and I had to contribute to the second to get the approval. I submitted to the SLS and guess what they said?! They refused to approve because they don't want GreenTree to get more with any contribution. I am at lost, I worked so hard for 2nd approval and now SLS will not work with me. Why was it not mentioned?  Such a stressful situation. Any advise will be appreciated. 

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Comment by Elena Pavlova-Nott on June 10, 2013 at 5:00am
the real problem is that the 1st will not allow any contribution to the second
Comment by Elena Pavlova-Nott on June 10, 2013 at 4:58am
It is HAFA
Comment by Bryant Tutas on June 10, 2013 at 4:51am

Do you know who the investor is for the 1st? If it's Freddie or Fannie then the 2nd will have to accept a max of $6,000, release the liability and get no more funds at closing.

If it's HAFA same applies but up to $8,500.

FHA allows $1,500.

So...depending on who the investor is there or may not be a solution. Of course the borrower can always pay down some of the needed funds PRIOR to closing.

So...do you have more info?

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