I have a short sale in which my borrower is current in her payment,but she does not work anymore and only the husband is working. My client is the only one on the loan and they need to sell. We submitted the complete package to Green tree and was just informed that Fannie mae denied the short sale because she is not danger of losing her house. She need to move because of security and job...any help is appreciated.
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This one is easy:
1) As of Nov. 1, with a valid hardship like job loss, divorce, etc., Sellers need not be late to do a short sale
or
2) my FAVORITE response to that is:
"......really, I can tell my client to QUIT SENDING YOU MONEY AND LIVE IN THE HOME FOR FREE AND THEN YOU WILL HELP THEM.....that is GREAT NEWS....I can not wait to tell them. Thank you for your time Mr. Greentree Negotiator"
They LOVE LOVE LOVE that one!!!!
You can also reach out to the Investor directly in most any case to see if they will make exceptions.
Seriously.. I thought we've moved fast this with the investor.. Here is the response I got from Fannie Mae..
Once an offer is submitted and the file stalls we reach out to the servicer and assist on getting it moving forward. In this case the servicer submitted file to FNMA to render a decision. FNMA declined the short sale. The hardship does not meet imminent default criteria (death, divorce or permanent disability). Unemployment is not a hardship for imminent default.
Any chance I can get a copy of THAT e-mail/response from Fannie?
I am going to post that EVERYWHERE!!!!
"Dear Fannie, I am not working and have NO INCOME, I am "REASONABLY CERTAIN" no income IS a hardship"!!!
I will forward you the email shortly!!!
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