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Your input would be helpful

Posted by Gayle Van Wagenen on July 6, 2011 at 4:19pm
Submitted short sale offer in March. Was rejected in June. I was given the impression that the denial was based on a perfect storm of (1) issues with corporate buyer; (2) cash offer; and (3) lack of hardship. As such, the representative encouraged me to resubmit the offer between seller and buyer (no relo company involved.)


Now BOA says they want to decline the file due to lack of hardship (without submitting the file for PMI approval). Apparently, this particular PMI company has incredibly strict standards for hardship and are looking for, and I quote, a "destitute" borrower. I convinced her to resubmit the file to the PMI company in light of the borrower's willingness to contribute cash at closing and to execute a promissory note. We are now waiting to hear back from the PMI company.
Any ideas on what "Plan B" could be if PMI company rejects the short sale?
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Comments

  • Gayle Van Wagenen July 26, 2011 at 1:00pm
    The short sale was rejected by the PMI company due to lack of hardship. The seller was transferred by his company. What is PMI for anyway?
  • Gail Mitkoff July 8, 2011 at 9:44am

    Gayle,

     

    Does your MLS offer the Fannie Mae Short Sale Assistance Desk.  If yes, then you can sub mit this issue to Fannie Mae for resolution (if it is a Fannie Mae backed loan). 

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