short sale problems after close

This is a discussion on short sale problems after close within the Mortgages, Refinancing, Foreclosure forum, part of the Buying & Selling Property category; Recent approved short sale in Florida. We had approval letter from lender when we closed. Check in the amount approval ...

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Old Sep 15th, 2008, 05:28 PM   #1
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Default short sale problems after close

Recent approved short sale in Florida. We had approval letter from lender when we closed. Check in the amount approval was sent to lender prior to deadline (closed 7/28, lender received check 7/30 had until 7/31). It is now 9/15 and the lender has not processed the check or closed the transaction. We do not live in the house. In fact, the new owners have a mortgage on the house with the same lender! They say that between closing and receiving the check it was transferred back to Freddie Mac who insured the loan. They say it was a trigger at so many days past due. They say they cannot process the check or payoff until it is approved by Freddie. Our credit is already horrible (we use to have 720+ scores) and is deteriorating even more with this past due debt. What can we due? Also, FL has a 30 day requirement from payoff to process Satisfaction of Mortgage. Help???
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