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        <title>Minna Reid's Blog</title>
        <link>http://www.homesbyminna.com/blog/nationstar/</link>
        <description>The Blog of Minna Reid, CT Realtor, short sale specialist. All about real estate and short sales in Connecticut from Minna Reid - CT's #1 Short Sale Realtor.</description>
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            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>A CT Nationstar and Bank of America short sale success</title>
            <description> <![CDATA[ 
The rising costs of living and long daily commute left these CT homeowners tired and scraping change to make ends meet until they decided they had enough. Realizing they would likely never pay their way out of the upside down home they decided to cut their losses and short sell their home to move closer to work.


Originally a Bank of America first and second mortgage, the week we listed the home the first loan got sold to Nationstar, making the process a little more complex than originally anticipated.


It took two months to find a buyer for this home in the dead of winter. A short sale package headed to the lender. Nationstar is hit or miss. They have been known to be on the ball and approve in a few short weeks, and I have also seen the opposite with this unpredictable lender. It took almost 3 months to get Nationstar to approve the sale and even then Nationstar demanded a cash contribution from my sellers. With a little negotiation we got the contribution down to a manageable $1,500 and the first was approved with full debt settlement.


Bank of America - usually a breeze - dragged for weeks further as the negotiator proved difficult and unresponsive. Bank of America finally approved the short sale on the second mortgage - also with full debt forgiveness - with barely a few weeks left on our short sale approval letter from the first.


The buyers moved quickly and shortly thereafter this Nationstar/Bank of America short sale closed.


OWED: $215,000 (Nationstar 1st Mortgage $170,000 + Bank of America 2nd mortgage - $45,000)


APPROVED AND CLOSED WITH FULL DEBT FORGIVENESS: $115,000 with seller contributing $1,500


TOTAL TIMEFRAME LIST TO CLOSE: 6 months


 


 
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            <pubDate>Thu, 17 May 2012 15:31:24 -0500</pubDate>
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            <guid>http://www.homesbyminna.com/blog/another-ct-nationstar-hafa-short-sale-approval.html</guid>
            <link>http://www.homesbyminna.com/blog/another-ct-nationstar-hafa-short-sale-approval.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>Another CT Nationstar HAFA short sale approval!</title>
            <description> <![CDATA[ 
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 second buyer also got tired of waiting and walked.


It only took a week to re-sell the property. Third time's the charm!


Nationstar finally kicked into gear...and a month later were ready to approve the short sale. It was at this point that Nationstar offered HAFA to my client. She agreed and two days later the sale was approved through HAFA and a few weeks later this Nationstar CT short sale closed!
 ]]> </description>
            <pubDate>Mon, 02 Apr 2012 16:06:07 -0500</pubDate>
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            <link>http://www.homesbyminna.com/blog/a-double-nationstar-short-sale-success-through-hafa.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>A double Nationstar short sale success through HAFA</title>
            <description> <![CDATA[ 
While none of my other HAFA experiences have ever been good ones, this Nationstar short sale was the exception to the rule and hopefully a sign of things to come.


My clients came to me when their two mortgages with Nationstar had become debilitating and their commute to work had become unmanageable.


After 6 weeks on market a buyer was secured and a full short sale package headed to Nationstar.


 A few weeks later I heard from our negotiator.


While my client was not “delinquent enough” to be approved for an in-house short sale, they could be approved via HAFA.  Despite 9-15 month timeframes on my previous HAFA approvals, seeing no other option I advised my client to go ahead and attempt the HAFA short sale.


To my surprise – Less than a week later our short sale approval letter arrived. A fairly smooth closing on this Coventry, CT home followed 6 weeks later.


OWED: 1st and 2nd mortgages with Nationstar totaling:  $270,000


SETTLED IN FULL VIA HAFA: $175,000


TOTAL TIME FRAME LIST TO CLOSE: 3.5 months
 ]]> </description>
            <pubDate>Tue, 31 Jan 2012 08:45:15 -0600</pubDate>
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            <link>http://www.homesbyminna.com/blog/a-connecticut-morequity-short-sale-success.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>A Connecticut MorEquity Short Sale Success</title>
            <description> <![CDATA[ 
A Connecticut MorEquity Short Sale Success


Owed $210,000


Settled in FULL: $115,000


These Connecticut sellers called me in January of 2010. At their wits end, they knew they were between a rock and a hard place and desperately wanted to make the best of their situation. He had a loss of income. She was commuting 1.5 hours to work every day.


It was a struggle to make the payment every month and funds were running out.


The property went on the market at a fair price..or so we thought...Unfortunately we ended up chasing the market down for several months as the market fell apart far faster than anticipated. In April we secured a buyer.


MorEquity proved to be a breeze to work with ( as most small banks are) with a single person short sale department.


Our only trouble came when MorEquity demanded a $20,000 promissory note from my sellers. This was not feasible for my sellers and so with some effort the promissory note was negotiated away....onto closing...


OR NOT...By June the buyer had lost their loan and we were back to square one.


We managed to secure a new buyer rather quickly...and one that was able to close in 30 days.


July 29th the property CLOSED. The MorEquity debt was settled in FULL. My sellers now live less than 30 minutes away from work, and have finally moved on past the cloud that had hung over their head for the past several years.
 ]]> </description>
            <pubDate>Mon, 28 Nov 2011 11:14:54 -0600</pubDate>
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