CT short sales with OneWest Bank ( formerly Indymac).
There are currently 3 blog entries related to this category.
Monday, November 26th, 2012 at 10:08am. 7036 Views, 0 Comments.
A refinance during the boom years followed by the crumbling real estate market in recent years left my East Haddam homeowner in serious negative equity and a prisoner in his upside down home. When times got tough and the payment became unaffordable, there was only one reasonable choice left to cut his losses and move on - a short sale.
It took almost two months and several reductions to find a buyer for the home in the slow East Haddam real estate market. Another 3 months passed as ServiceLink (the entity that does all the short sale processing for Indymac - a division of OWB) helplessly pushed our papers around and gave us the runaround. The irony of third party processors such as ServiceLink is that they are supposed to ease short sale processing for…
Thursday, February 23rd, 2012 at 10:49am. 843 Views, 5 Comments.
This very difficult short sale certainly came with its delays…the hardest one being simply finding a buyer for a condo in a horrid condominium market.
Six months and 7 reductions after going on market, we finally secured a cash buyer for my seller’s investment property gone wrong.
A full short sale package went to the lender and a month later was rejected. My seller’s crime was lack of default. The next month my seller became delinquent, and the short sale package went back in. Not long after we received an approval on the short sale, with an optional cash contribution for a deficiency waiver. The cash contribution was renegotiated to a more comfortable figure and wisely my seller chose to contribute in order to get a full release on the…
Monday, November 28th, 2011 at 2:44pm. 408 Views, 0 Comments.
Why is it when a lender starts ousourcing their short sale processing to a 3rd party, their short sales only become slower and more cumbersome? Isn't the goal the exact opposite?
I had not worked with Indymac for several months but had heard great things about their supposed recent 2 -3 week approvals and was excited to have a chance to work with them again to witness this for myself. Unfortunately, I certainly did not get a 2-3 week experience as Indymac had recently moved their processing to ServiceLink Loss Mitigation Services - another useless 3rd party short sale processing provider.
We secured a buyer for this Vernon, CT home the first week of December and a complete file headed to both Indymac and SPS (Select Portfolio Servicing). A BPO…