Freddie Mac

When this Bristol homeowner got a job offer several states away, he was left stuck with an upside down home here in CT. With no way to rent and cover the mortgage and lacking the extra $100k+ to cover the loss, after much consideration these homeowners called me to discuss the possibility of their Bristol, CT short sale.

The most difficult part of this short sale was actually finding a buyer in the flooded Bristol real estate market. The home was listed but it took 5 months to secure a strong cash buyer for the home. A full short sale package headed to Cenlar on this Freddie Mac owned loan. The short sale servicing on this loan had been assigned to Bayview Loan Servicing. Our negotiator was fairly responsive and within a few weeks progress was…

Fannie Mae and Freddie Mac have recently issued new short sale guidelines to their mortgage servicers. The intent of these new guidelines is to consolidate existing short sales programs into one standard short sale program, and streamline program rules in order to quickly and easily qualify eligible borrowers for short sales. The new guidelines take effect November 1, 2012. 

A summary of the changes: 

• Short sale documentation to be reduced or even eliminated for those who are behind on payments, have bad credit and serious financial hardships.
• Servicers will now be allowed to approve short sales without investor approval for those who are current on payments but face certain hardships including: death, divorce, disability, and distant…

When this West Hartford CT homeowner and I first discussed his possible short sale, his biggest concern was never missing any payments and preserving his stellar credit. My client was headed out west to care for an ailing relative, but was stuck with a property with significant negative equity on his two Bank of America mortgages and no way to cover the loss.

Its a common misconception that in order to be approved for a short sale you have to be be behind on mortgage payments. While some lenders do require a default, many have come a long way and do approve current borrowers for short sales. The investor on this particular loan was Freddie Mac - who I have seen approve current borrowers in recent months...a feat that was seemingly impossible even a…

Not even a shoot out could stop this Wells Fargo short sale!

Short sales are almost never smooth sailing – but this one came with more than its fair share of "disturbances".

Before calling me, my client had been listed with a Realtor with no real short sale experience – which had resulted in nothing but the Manchester, CT home sitting on the market as 6 months passed with zero progress. Now facing foreclosure,  my clients situation had become time sensitive. We listed the house with a price improvement, and not long after a cash buyer was secured.

Then the unthinkable happened. As the buyers were at the home, a hostage situation broke out…the neighbor decided to hold his family hostage and my listing quickly became a crime scene.…

I personally like working Wells Fargo short sales. It seems they have slowed down some in the last year but they are still reasonable to work with and their approvals dont take FOREVER.
This particular sale was challenging as it had three separate loans with Wells Fargo. Furthermore, the first was owned by Freddie Mac, who has recently picked up some very nasty short sale guidelines that make working with seconds near impossible.
Freddie Mac now refuses to allow more than $3,000 to go to any second, and goes even further to disallow any seller contributions to the second as well.
What used to happen was that when a second mortgagee wanted more than the first would give, a party to the sale could simply pay in the difference. So if a first lienholder was…

Connecticut GMAC/DITECH Short Sale Approved in 3 weeks!

OWED:

GMAC Serviced Freddie Mac 1st Mortgage: $150,000

GMAC Serviced Ditech 2nd Mortgage: $30,000

SOLD:

$132,000: Both approvals - FULL DEBT SATISFACTION.

This Cromwell, CT short sale was a breeze. Finding a buyer took slightly longer than expected as the market was falling a little faster than anticipated, however 8 weeks after listing we secured a strong buyer. As with most sales as of late, closing by 6/30  to get the buyer first time homebuyer credit put additional pressure to get it done FAST.

A package went to GMAC and Ditech immediately...and with constant pressure on the lenders to get it done, GMAC ordered their appraisal right away...the negotiator was on the ball,…