Short Sale Question: Lender Won’t Approve The Short Sale. What Should I Do?

1 CA – The Stop Foreclosure Institute recently received a question from another agent named Sylvia. Here was her question.

“Here's a question for you. I have a short sale with two offers. The appraisal was close to the sales price and the inspection was good.

However, the bank calls me and says, “Sorry, you can’t short sale the house because this is a recourse loan for 5 years.” I did some research and the loan is owned by Fannie Mae.
The sellers received foreclosure papers a week later. Fannie May says that the lender can approve the short sale. But, the lender says they can’t without Fannie Mae’s permission.
Needless to say, I am confused. Any thoughts on how this could have a happy ending? Sylvia.”
Click here to discover how other sellers successfully did a short sale and avoided foreclosure.
Here was our answer to Sylvia’s Question. Sylvia, That is so frustrating! I think someone at GMAC is being an idiot. I’ve never heard of anything like this happening.
You are being lied to. Call the lender’s short sale phone number and ask to speak to a supervisor.
Then, ask them: “Are you someone who can speak with authority and actually knows what they’re talking about when it comes to Fannie Mae Short Sale Guidelines?”
If that person can’t speak with authority, then ask for the manager of the loss mitigation department. Tell that person the situation and ask them what is going on. That should solve the problem.

Thinking about a short sale?
I can help you short sale your property and get back on your feet. Send me an e-mail at Ashish@EastLionInc.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (818) 259-3455
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thinking about a loan modification? Our 1 loan modification kit has the instructions you will need to get a loan modification approved with your bank. Click here to request a copy.
Thanks for reading this, Ashish Trivedi.
Ashish is a Real Estate Agent at . 1 Short Sales Realtor:
Phone: (818) 259-3455. Ashish@EastLionInc.com.
View My homes for sale at .
Ashish Trivedi specializes in loan modification assistance and short sales in San Fernando Valley California. San Fernando Valley Loan Modification Help, San Fernando Valley Short Sales. San Fernando 1 CA Short Sales. 1 Realtor.

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Important Notice
Ashish Trivedi, , and the Stop Foreclosure Institute are not affiliated in any way, shape, or form with the government. Our services have not been reviewed or endorse by the government or your lender. Most lenders willingly work with agents on short sales. Why?

Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.

However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
We do not recommend that you stop paying your mortgage, because this will cause damage to your credit and could cause you to lose your home. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.

You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.

The views expressed here are Ashish's personal views and do not reflect the views of .

This information on 1 Short Sale Question: Lender Won’t Approve The Short Sale. What Should I Do? is provided as a courtesy to our viewers to help them make informed decisions.