Lenders

After being relocated to another state for work, this homeowner had rented out her New Britain, CT home waiting for the market to recover. After several failed attempts at a fair market sale, she decided a short sale was her only realistic option to get out of owning the home. 

The home was priced agressively and a cash buyer was secured in a week. Bank of America was quick to respond to our short sale request and started working the file right away. Unfortunately, the brand new negotiator improperly processed the file and several weeks later, the entire file had to start again from the beginning. Despite this setback, an approval arrived in less than 8 weeks total. Usually, when homeowners are current on payments and have good income and credit (as…

McCue Mortgage strikes again! Never failing in their eternal effort to make every short sale a painstaking nightmare, McCue makes this Meriden, CT short seller pay dearly for trying to do the right thing and avoid foreclosure...

With employment lacking, this Meriden couple had employment opportunities several states away, but found themselves over $50,000 short to be able to sell their home. Looking to cut everyones losses they decided to short sell the home. The home was listed and immediately a short sale package headed to McCue on this FHA short sale.

Unfortunately McCue doesn't care about homeowners or saving money (perhaps because taxpayer funded FHA picks up he losses???), and a WHOPPING 6 months of McCue fumbling around followed. The two…

When this Hamden homeowner was forced to move for his job he unfortunately discovered his home had lost 35% of its value in the last 4 years...leaving a short sale as the only realistic option for selling the home. VA Loans are guaranteed by the U.S. Department of Veterans Affairs (VA), and have their own short sale program - known as a "compromise sale".

Our first buyer was secured quickly after going on market, but the buyer soon  walked and we were back on market. It took two more months in the slow winter season to secure our second buyer. I have never known VA compromise sales to be particularly speedy and this was no exception. Several more months followed as Chase took their sweet time processing the VA short sale, until finally our short…

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…

LoanCare seems to have cleaned up their act a bit in their short sale processing in the past year. When my clients decided to divorce, they were left with a home neither could afford alone and that had lost 30% of its value in the last 6 years. Their only option to get out of the home was a short sale. 

It took only 2 weeks to secure a buyer for the charming home, and in a race to beat the expiration of the Mortgage Debt Relief Act - we hustled to get a full short sale package into the lender immediately. With constant pushing, LoanCare did process the short sale in a timely fashion and within 7 weeks we had an approval letter. Although the approval came a week into the new year, luckily the Mortgage Debt Relief Act was extended through 2013. It only…

5. Wells Fargo: Up and down we go...its been well over a year since Wells Fargo transitioned to Equator, so they surely can't use that as an excuse anymore...I am thinking the transition to Equator should have come with some training perhaps? Just a thought....I mean there's really no reason an "automated" online short sale processing system needs 5 months to make it through the process, or why tasks requiring uploading of blank sheets of paper can't be removed on Wells Fargo's end....

4. Bank of America: I want to like you BofA, I really do. There's always a time or two that I breeze through a short sale with you and I think you've finally arrived...and then the next short sale brings me back to reality. I have no idea why one of the largest banks in…

5. Ocwen: Ocwen has come along way. While Ocwen can a little difficult to communicate with at times, once you know their rules, getting Ocwen short sales approved is easy, painless, and most of all quick. Here is a lender looking to end the fuss and get things done.

4. Dime Bank: Although Dime is a small, local CT Bank, I feel they deserve special mention. Dime is an absolute pleasure to work with, and their short sales are quick. Dime seems to apply common sense and respect for all involved throughout their loan workouts - traits rarely found in the banking world.

3. Provident: Provident is another lender with that elusive talent known as common sense. Negotiators are pleasant and reasonable. A short sale with Provident is likely  to be a quick…

My client had tried and failed to sell his home as a "regular" sale for many months when he finally realized his only way out was a short sale. We listed the home and within 2 months a strong buyer was secured at market value. 

What could have been a simple, quick short sale approval quickly unraveled as McCue Mortgage assaulted our FHA file with their usual senseless shenanigans. Months passed as unresponsive short sale personnel fumbled around with the file. Finally - an appraisal was ordered, which of course - came in too high. 

Luckily, not only was McCue on the processing side of this FHA short sale, but the buyer also had a a McCue FHA loan, and was willing to order their appraisal to help get the short sale approved. The buyers appraisal…

Sometimes short sales get complicated. Sometimes they get denied the first or even second time around. Sometimes sellers just want to give up. They figure they'll just "let it foreclose". Heres the story of one my former short sellers who decided to do just that.

In September of 2009 I listed the clients multi-family home. At this point the value of the home had dropped to about half the mortgage value and my client had decided he did not make a good landlord after all but he couldn't shake his "investment" without a short sale.

Within a month we had a strong cash buyer for the home for $110k. Within 2 months Chase had determined that was "not enough" and they turned the short sale down.

We decided to go back on market and the second time…

After a year of frustrating failed attempts to get his loan modified, this Connecticut homeowner decided to throw in the towel, cut his losses and short sell his upside down CT home.

Surprisingly, it took 5 whole weeks to find a buyer for the lovely waterfront home. Despite painstaking efforts to gain a quick approval, Wells Fargo (a mess as usual) shuffled the file around for almost 4 months before countering the purchase price. Some renegotiations followed and a resolution was reached. Wells Fargo approved the short sale and we were prepped to close.

CitiMortgage on the other hand assigned us an unresponsive, inexperienced processor. While Citimortgage is usually an absolute pleasure to work with, this would prove the exception. It took…