I am working with a short sale specialist realtor who told me that B of A could approve my short sale but Fannie Mae could turn it down and I would probably not have time to agree to a mortgage agreement with B of A so I would be foreclosed on. Is this true?
They have their own internal processes. No one really knows who will get approved and who will not. It is the luck of the draw. Kind of like winning a lottery. Yes, it is common for them to decline, but also not impossible to get an approval. I say your chances are 25% chance or less of getting it through.