Short Sale Specialist Network
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CALHFA short sale denied help
Hi All,
I have a short sale that CALHFA is dealing with. B of A was the originator of the loan CALHFA had the second and is doing the servicing since the purchase for both. We just got a email back from our negotiator that the investor denied the short sale. No explanation, no counter just denied! I finally got our negotiator on the phone and she said she was a little surprised too that the package looked good to her. She then told me that the investors denied the short sale because the sellers had not accepted the loan modification that was offered. The loan modification they offered was a joke and if they had accepted it they would have been behind in months again.
What if anything can we do now?
Thanks,
Lynette
Intero Real Estate Services
408-656-9297
Replies to This Discussion
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Permalink Reply by Mike Linkenauger on -
Yikes, that stinks! Hopefully they'll let you resubmit it. Not sure what area you are in, but in Florida the foreclosure process takes YEARS many times if pushed off correctly.
In MANY cases, I've had lenders reject offers only to accept MUCH less money a few months later.
Lenders change their minds over time...
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Permalink Reply by Lynette Morehead on -
I am in San Jose, California! Unfortunately it looks like they want to move fast the foreclosure department has already called the seller to ask their plans. They are sending it to the attorneys to set a sale date which once set will be 21 days out, ugh!! We have rewritten our hardship letter hoping for someone to take a second look.
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Permalink Reply by Ed Ramos on -
I am helping a couple with a CALHFA loan and they were denied because of their income being too high. I know this is a strategic short sale, but my clients are know going to speak to an attorney to help them with getting their short sale approved. I don't know what else to advise them to do.
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Permalink Reply by Edwin Baloloy
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Wow. I did a search for "Cal HFA" and "CalHFA" and all the threads are about Cal HFA declining the short sale or questioning the homeowner's hardship.
I need to set some expectations on an upcoming listing. Like all of you, I absolutely HATE unsuccessful short sales.
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