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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Comments
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?