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jaenabysmeme · Joined: 19 Jun 2010 Posts: 2 1.19 Dollars($)

My husband and I made a bid on what we thought was a short sale in Nov. 2009. After six months we recently learned that the seller has been making payments all along and our approval was denied. "Why would the mortgage co. approve when they were getting their money every month?" The seller did not pay their June 2010 payment hoping to get approved for a short sale. My question is what are the chances of a mortgage co. approving a short sale after only month of not paying and they have to submit another package to the mortgage co.?

oswingrant · Joined: 13 Mar 2010 Posts: 57 0.39 Dollars($)

a mortgage company will approve a short sale if they need to at the request of the borrower. They don't care if the payment is being made on time or not. It can improve a borrower's chance of approval if it is late, but a borrower can be on time and be approved for a short sale too. The seller might have to stringing you along because he was late once and his financial situation might have changed, or he might have changed his mind, it could be any of many reasons why he/she changed their mind.
And the borrower can change his mind again and decide to try to do a short sale at any point. Until your short sale is completed, consider it incomplete. it's unfortunate but folks do change their minds or their situation can change at anytime.

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