Posted on: 03rd Aug, 2011 03:59 am
So I just got short sale approval on 7/27.
My mortgage agent would not move forward with the application until I had approval and the final purchase price.
My short sale closing deadline is 8/31.
I locked in my rate on 8/1 and there is a 30 closing on the loan which is also 8/31. I also need an unconditional mortgage commitment by 8/12, or 15 days after short sale approval.
So basically, I had 15 days to get something that is going to take 30 days? What can I do here. Everything was going smooth until now and things are looking bad. Maybe I'm not understanding something?
Thanks,
Jimmy
My mortgage agent would not move forward with the application until I had approval and the final purchase price.
My short sale closing deadline is 8/31.
I locked in my rate on 8/1 and there is a 30 closing on the loan which is also 8/31. I also need an unconditional mortgage commitment by 8/12, or 15 days after short sale approval.
So basically, I had 15 days to get something that is going to take 30 days? What can I do here. Everything was going smooth until now and things are looking bad. Maybe I'm not understanding something?
Thanks,
Jimmy
Hi Jimmy,
As far as the short sale is concerned, you should contact your lender and ask him to take steps in order to sell off the property asap. After a short sale, you need to wait for 2-3 years in order to qualify for a new mortgage. So, in my opinion, it may be quite difficult for you to qualify for a new loan.
As far as the short sale is concerned, you should contact your lender and ask him to take steps in order to sell off the property asap. After a short sale, you need to wait for 2-3 years in order to qualify for a new mortgage. So, in my opinion, it may be quite difficult for you to qualify for a new loan.
You have to seek for an advice from a mortgage broker. I can see that you will definitely have a difficulty on achieving your goals however, if you make a consultation to an expert this might have a solution. Just tell every necessary details.
Jimmy,
You are in a purchase contract buying a short sale correct? The short sale agreement from the lender can be extended. As long as you are making progress by satisfying the new lenders conditions, then the listing agent should be able to work with the short sale lender to extend the sale. SS lenders rarely do not extend the sale date. If you have no progress to show, then find another lender asap.
You are in a purchase contract buying a short sale correct? The short sale agreement from the lender can be extended. As long as you are making progress by satisfying the new lenders conditions, then the listing agent should be able to work with the short sale lender to extend the sale. SS lenders rarely do not extend the sale date. If you have no progress to show, then find another lender asap.
