We have been working on short sale (FHA) for a while now and back in September the lender declined the short sale and removed it from equator for reason: failed internal quality review. BOA had everything they needed, offer was high enough and all fha rules were followed and filed was submitted for final appoval. That buyer walked and we had a new buyer and the SAME THING happened yesterday. It was declined for failed internal quality review and immediately removed from Equator. Has this happened to anyone else?
We filed complaints today with the OCC and CFPB. Anything else we should do?
Thanks
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Yes, this can happen for many reasons. They apparently feel they are catching wind of something they are not okay with. I'd be escalating the file to see why it m,ay be failing audit and if anything can be done to correct this.
310-564-6389
I have had this happen ONCE and when I pressed, they said the reason was the seller, in their mind, did not have a hardship. Although the house was gutted due to mold, and unpaid liens were filed for mold remediation and the home was not really habitable, the sellers technically could afford to make the payments, so the short sale was denied, even though they could not live there. It was a case of a round peg in a square hole so they couldn't do it. Maybe you'll get lucky and FHA will sell the loan to a conventional investor, which is what happened on another file I'm working on at the moment.
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