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CT short sales with Seterus (LBPS- IBM Lender Business Process Services).

Found 3 blog entries about Seterus.


After an out of state relocation, these Torrington, CT homeowners decided that renting out their over-leveraged home was the solution to stay ahead on the mortgage payments of their old Connecticut home. Like many do, they quickly realized renting was simply not a viable long term solution and a short sale was the only way to cut ties with the old home and its $40,000 of negative equity. 


When we first listed the home the first mortgage on the home was a Fannie Mae backed loan being serviced by Bank of America - a notoriously difficult and slow lender to work short sales with. PNC in second position is not one of our favorite lenders either, however second mortgages have generally become much

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HAFA - Governments "streamline" short sale solution? I dont know about you, but to me 14 months and streamline sounds like an oxymoron.

I've never been a fan of HAFA, and this Seterus short sale certainly didn't sway my opinion. I originally listed this Middletown, CT property and immediately my clients applied for the HAFA program. 6 months later, my clients were approved for about 30% over market value. We were unable to find a buyer to pay 130% of market value....but we were able to find one to pay market value. We moaned and groaned and convinced the lender they were off base with their value...and they did reconsider several months later. Unfortunately by then the buyer was long gone and we had had the pleasure of starting all over.


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LBPS- IBM Lender Business Process Services, now known as Seterus is a relatively unknown lender that I have only had the “pleasure” of dealing with twice. 

The first time, I took a Middletown, CT short sale listing November of 2010, which thanks to Seterus is still in the approval process with no end in sight (it is now August 2011). The experience has been one of the most miserable I have ever been involved in. HAFA is partly to blame as my client wanted to go that route…but I digress.

This Deep River, CT short sale was not as painful as that one, likely because my clients opted out of HAFA at their first opportunity to do so (always a smart move). After two months on market a strong cash buyer was secured for the property. Seterus lagged in moving

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