There are 7 blog entries for April 2012.
Monday, April 30th, 2012 at 10:06am. 336 Views, 0 Comments.
East Windsor, CT 06088 is a dynamic and charming community derived from the agricultural land and open space.
East Windsor was settled in 1768, originally settled by farmers in the 17th century due to the even topography and fertile soils from the Connecticut River valley. The town is situated on the east side of the Connecticut River.
The town of East Windsor is comprised of five villages: Broad Brook, Melrose, Scantic, Warehouse Point and Wilsonville. While combined for government and education convenience, each village is able to retain its own unique identity. You can enjoy your time strolling through each village as they all have interesting and inviting places to experience.
Broad Brook Opera House is located in the Broad Brook…
Monday, April 30th, 2012 at 8:40am. 596 Views, 0 Comments.
Although Bank of America is generally pretty easy and quick in their short sale processing as of late - there are always exceptions.
The property was well priced and agressively marketed and went under contract in just over 8 weeks. A full short sale package headed to Bank of America, where negotiators fumbled around with the file for several weeks - insisting my seller go HAFA even though he did not qualify for the program. My client was eventually able to pull out of HAFA and go with a traditional short sale.
It took another few months and two negotiators for Bank of America to reach a state of decision on the file. The property was considered an investment property and the loan had private mortgage insurance (PMI). This particular PMI company…
Monday, April 23rd, 2012 at 11:10am. 680 Views, 0 Comments.
Bank of America is really on the ball lately with getting short sales approved rather painlessly ( for the most part anyway...) .
I originally listed the Mansfield, CT home after a fellow Realtor referred her foreclosing client to me. The property went on the market...and stagnated. The owner was reluctant to reduce the price of the property aggressively and as a result it took 4 solid months of marketing and 5 price reductions to finally secure a buyer.
It took Bank of America about 6 weeks to counter the purchase and ultimately the sale fell apart over a difference iof $2,500. We ended up back on market again.
A month later the buyer had second thoughts and agreed to up his offer by the required $2,500. Bank of America took just a few weeks…
Wednesday, April 18th, 2012 at 7:02am. 624 Views, 0 Comments.
GMAC - now my very favorite lender to work short sales with - delivers again.
When this Connecticut homeowner first called me, he seemed quite skeptical that a short sale was a possibility for him. Given his circumstances he was sure that his only option was to simply walk away and let the home foreclose as he believed he would never be approved for a short sale. I believed otherwise.
As the FHA PFS (pre-foreclosure sale) program allows preapproval, we immediately sent a full short sale package to GMAC and the home went on market. 7 weeks later a buyer was secured, which coincided perfectly with the timing on my sellers approval into the FHA PFS program. Unfortunately our FHA appraisal came in a tad high and the home had some inspection issues so…
Tuesday, April 17th, 2012 at 12:21pm. 703 Views, 0 Comments.
MetLife...The only positive thing I can say about this bank is that I am overjoyed they are no longer writing new loans since January 13, 2012. They truly do not belong in the mortgage servicing business.
I listed my clients home in June of 2011. Since they had an FHA insured loan, and the FHA short sale process is rather simple and predictable, I mistakenly assumed we were in for a smooth ride.
Boy, was I wrong. MetLife has one of the worst and most unresponsive loss mitigation departments I have ever seen. Not only did they blatantly disregard our file for weeks and months on several occasions, they even failed to follow FHA guidelines. On several occasions we were forced to get HUD to intervene to keep the file moving along.
Tuesday, April 17th, 2012 at 11:34am. 476 Views, 0 Comments.
McCue - Where did you go wrong?
McCue Mortgage used to be a pleasure to deal with and was generally efficient in their short sale processing...and then something happened. Some new folks showed up in loss mitigation...and the rest was all downhill.
This Meriden CT home first sold within a month on market in a multiple offer situation. The buyers were paying over market value. A full short sale package and high hopes headed over to McCue.
Four months passed as McCue's new loss mitigation staff fumbled around with our short sale file, ultimately declining the file. McCue cited lack of default as the reason for the decline, despite the fact FHA guidelines do not call for a default in order to get approval into the FHA Pre-foreclosure Sale…
Monday, April 2nd, 2012 at 4:06pm. 551 Views, 0 Comments.
So it seems at least a few lenders are successfully incorporating HAFA into their short sale processing. Despite massive delays in HAFA processing with most lenders, at least Nationstar seems to have this HAFA thing down.
Back in May of 2011, this Plainville, CT property was first listed. Two months later we secured a buyer for the property. The file headed off to Nationstar. Unfortunately the first time around the file lagged at Nationstar so long that Hurricane Irene came to Connecticut and sent most of my clients street underwater.
The property flooded, became uninhabitable and the buyer walked. In September we went back on market. Soon after we secured a cash buyer...however yet again Nationstar took their sweet time and by January our…