need advice for 90 day hold in short sale approval letter

[Shari Peterson]

I have a client that I am providing funding for in Massachusetts. We planned to fund a back to back transaction for over $1M but the short sale approval letter from First Horizon MetLife came back that it must be held for 90 days before transferring title. We can fund this also, but it is much more expensive for the client and we are hoping that someone in the forum can help us find a solution to allow it to fund back to back or within weeks, not 90 days. We are trying to get this clause removed to enable a double close. The reason being given for not budging on removing the clause is that the higher ups have decided as of August 1, 2010 that all short sale approval letters contain this restriction. The foreclosure sale date has been scheduled to take place by the end of the year. The approved payoff is 78% of the original debt. Here is what has been tried so far:

• Gone up the chain of command to the senior banking officer. This is the one that is just below the VP who basically just signs off on whatever the senior officer recommends.
• Offered $50,000 more to bank by the closing attorney in exchange for removing the clause.
• Asked point blank what we can do to get this closed without the 90 day clause and they say they cannot remove the clause under any circumstances.
• Stressed to them that we are moving into the non-buying winter season and the house will likely be sold for some time.
• Considered closing the first at one attorney and the 2nd at another, provided that there is no restriction placed on the title regarding the 90 days. The attorney for the 1st says that he now has knowledge of this intent and cannot sign off on it.

Does anyone have any suggestions on how to creatively get around this so they can close within days or weeks of the 1st closing instead of after 90 days?