Many times we find the homeowners wait till the last minute to find assistance. As homeowners used to have a little more leniency during the slow times but now an already battered system is starting to fight back. At this time CalHFA is another lender in a long line of mortgage servicers tightening up their guidelines. They have current guidelines that definitely don’t leave much to the imagination. It is always important to be on top of the guidelines because in this case if you are left with 5 days prior to the sale date and you haven’t submitted your short sale package for CalHFA to review it you will find you are out of luck unless you are able to find the funds to bring the account current including all fees and costs accrued up until that point in time.
CalHFA feels, which it was explained on various occasions, that if there are any missing items and 5 days or less prior to a sale date that you can stop spinning your wheels because they aren’t going to review you.
Have you encountered the same thing? Have you seen something different? Contribute below.