<?xml version="1.0" encoding="UTF-8" ?>
<rss version="2.0" xmlns:atom="http://www.w3.org/2005/Atom">
    <channel>
        <atom:link href="http://www.homesbyminna.com/blog/seterus/rss/" rel="self" type="application/rss+xml" />
        <title>Minna Reid's Blog</title>
        <link>http://www.homesbyminna.com/blog/seterus/</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>
        <item>
            <guid>http://www.homesbyminna.com/blog/14-months-to-a-seterus-hafa-short-sale-approval.html</guid>
            <link>http://www.homesbyminna.com/blog/14-months-to-a-seterus-hafa-short-sale-approval.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>14 months to a Seterus HAFA short sale approval</title>
            <description> <![CDATA[ 
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 HAFA...at 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.


A few months later we were able to secure a second buyer. Once again the lender insisted on more than market value for the home. We persisted in pushing for yet a third valuation of the property, which of course came in higher than market value. Fortunately this time, we were able to reach a happy medium with the buyer and lender...and a workable short sale approval surfaced.


A few more months passed as the buyer pulled their loan together, and 14 months after starting their journey, my clients closed their HAFA short sale and collected their $3,000.


OWED: $205,000


SETTLED IN FULL WITH $3,000 SELLER RELOCATION ASSISTANCE: $143,000


TIMEFRAME: 14 EXCRUCIATINGLY PAINFUL MONTHS


 
 ]]> </description>
            <pubDate>Tue, 03 Jan 2012 08:02:03 -0600</pubDate>
                    </item>
        <item>
            <guid>http://www.homesbyminna.com/blog/a-connecticut-ibm-lbps-seterus-short-sale-closing.html</guid>
            <link>http://www.homesbyminna.com/blog/a-connecticut-ibm-lbps-seterus-short-sale-closing.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>A Connecticut IBM LBPS (Seterus) Short Sale Closing</title>
            <description> <![CDATA[ 
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 the file along and our negotiator was generally unresponsive. Two months later, after continual harassment, the negotiator finally got us a response. Not a terrible timeline and I have seen worse, but still a generally unpleasant experience.


We received a denial for “insufficient offer”. This condo complex had just lost its FHA approval, leaving a highly limited buyer pool. This devastated the values in the complex…however this failed to make sense to our negotiator and she insisted on more money for the unit.


The buyer did agree to increase their offer just slightly and a quick rework of the numbers got us something approvable. This IBM LBPS (Seterus) short sale closed two weeks later.


Facing foreclosure in CT?
 ]]> </description>
            <pubDate>Tue, 29 Nov 2011 13:45:42 -0600</pubDate>
                    </item>
    </channel>
</rss>
