Profile picture for user2807734

lender rejected my short sale application on an investment property saying there's no financial hard

  • July 25 2012 - San Diego
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Answers (6)

You might want to confirm whether or not your lender, or the note holder of your loan, if they were part of the settlement last year involving the pick a payment loans also known as Cosi-Coti loans. I have info on this on my home page. In addition the FTC also has info on this lawsuit settlement. If so you may be entitled to some benefits not available to everyone else. Good luck and I hope this helps.
  • July 26 2012
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Just so you know, your credit is still going to take a huge hit. It may not be as much as a foreclosure, but it won't be all that much less. Research this.
  • July 25 2012
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Profile picture for Leo Gonzalez
You still may have some hardship in my opinion. It may be a matter of re-structuring your transaction. Who is your lender if I may ask?
  • July 25 2012
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Profile picture for user2807734
I was laid off last year but kept up with the payments becuase I didn't want to default to save my credit.  I had to cash out my IRA to buy my son his home due to death in family.  I was foolish enough (my values compeled me to be honest) to disclose to the lender so they rejected my requerst, 
  • July 25 2012
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Profile picture for Leo Gonzalez
It happens. It really depends on who your lender is and your agent knowing the guidelines the lender has. Being and having an experienced short sale agent really makes a difference. 
  • July 25 2012
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Profile picture for wetdawgs
Did you wish to continue your comments?  If so, click on "post reply".

It is very hard to get a short sale approved on an investment property. Have you been experiencing hardships (besides property underwater)?
  • July 25 2012
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