Stories of successfully closed short sales in CT.
There are currently 111 blog entries related to this category.
Thursday, March 6th, 2014 at 12:47pm. 95 Views, 0 Comments.
When I met with this mother and daughter homeowner pair, they were quite clearly ready to move on to lives of their own but trapped in an upside down home together. With no other way out a short sale was their best solution.
It took only a few weeks to find a buyer once we went on market. Webster was responsive and processed the file rather quickly however we hit a snag when Webster requested a large promissory note in exchange for a full deficiency waiver on both their first and second loans. Several weeks passed as we negotiated this request, and while we successfully negotiated the note down Webster did not give in by much. An agreement was finally accepted and Webster moved forward to issue an approval with a full release of any…
Tuesday, March 4th, 2014 at 11:42am. 88 Views, 0 Comments.
In the middle of a pending divorce, this Torrington CT homeowner called me to discuss the possibility of getting out of his upside down home. Although he had recently bought the home, the fresh divorce made the home unaffordable and he wanted to relocate and start over.
The home went on market and two months later a buyer was secured. Bank of America held the loan and dragged painfully along in their usual fashion for the next 4 months, with limited progress. We then caught a lucky break as Bank of America sold the loan to PennyMac.
PennyMac proved to be a delight to work with as they quickly processed the file and produced an approval less than a month later...and soon after this PennyMac FHA short sale CLOSED!
Wednesday, February 5th, 2014 at 9:02am. 212 Views, 0 Comments.
After many years of unsuccessful attempts at a short sale, this Hebron homeowner decided it was finally time to call in a short sale expert!
After sitting vacant for many years the property was in rough shape and three months passed until we finally secured a cash buyer. Bank of America took their time and passed the file around many of their third party vendors until IMPAC finally got the file and 2 months later we received a counter. Unfortunately the buyer was not willing to increase their offer and we thought we'd be back on market.
Luckily the very next day a driver by called to inquire about the home and we quickly secured this new buyer. The short sale was quickly approved and juts two weeks later this Bank of America short sale…
Monday, January 27th, 2014 at 1:43pm. 334 Views, 0 Comments.
McCue has had a really tough time getting short sales completed in the last two years, but it seems they have finally made some changes in loss mitigation, and improved their short sale processing!
This family of 6 was being squeezed out of their 600 square foot home but unfortunately found themselves prisoners of their negative equity. A short sale was the only realistic option to get out of the home. The home went on market and three short weeks later a buyer was secured.
A short sale package headed to McCue and to our great surprise a new staff member quickly started working the file! Less than 2 months later an approval letter seamlessly arrived and we headed smoothly to closing a little over a month later.....
JUST THREE MONTHS AFTER LISTING…
Monday, January 20th, 2014 at 9:12am. 307 Views, 0 Comments.
Just a few years after purchasing his Middletown home, this CT homeowner found himself over $60K upside down and forced to be a landlord for no profit.
He decided to try to short sell the property so he could move on with his life. The property was listed and less than two weeks later a buyer was secured. A full short sale package headed to Ocwen....but soon after, Ocwen sold the loan to Quicken Loans forcing us to start the process all over.
Quicken proved to be an absolute delight to work with. Our negotiator was quick and responsive and soon the file was headed to the investor for a decision. Unfortunately Freddie Mac declined our short sale, citing lack of hardship.
Fortunately - new Fannie Mae and Freddie Mac guidelines allow for a…
Monday, January 6th, 2014 at 11:40am. 476 Views, 0 Comments.
When this Hamden, CT couple was relocated across the country for new employment, they found themselves prisoners in their home with $100,000 of negative equity and no way to cover the loss.
Committed to "doing the right thing and preserving their credit", this couple wanted to keep up the mortgage payments as long as they could. While their loan was serviced by Chase, the loan was actually owned by Fannie Mae who had recently updated their guidelines to allow short sales to be approved for current borrowers in situations of employment based relocation.
It took just over a month to secure a strong buyer for the property and a short sale package headed to the lender. Despite their own guidelines designed to approve short sales in this exact…
Thursday, January 2nd, 2014 at 3:10pm. 363 Views, 0 Comments.
Wells Fargo FHA short sales are pretty predictable nowadays, but boy are they SLOW!
When this Manchester, Connecticut homeowner could no longer afford her home and had fruitlessly pursued a loan modification she was left with no option but to pursue a short sale.
Since FHA short sales allow pre-approval, we started to pursue the short sale as soon as the property was listed. Three and a half months later when we finally secured a buyer Wells Fargo had made little progress. Despite constant follow up, Wells Fargo still lagged for 2 more months before finally approving this FHA short sale. The buyers side lender also proved slow and several hiccups causing more delays followed. Finally 7 months after first starting our journey this Wells Fargo FHA…
Thursday, January 2nd, 2014 at 2:03pm. 410 Views, 0 Comments.
Whenever I get a call that starts out with "I co-signed a loan for family...." I always cringe. I know just where this call is going...
Things didn't work out as well as this family had hoped and a few years after moving in, the loan was years behind and the owners were in foreclosure. Worried about being pursued for a deficiency, my seller decided to attempt a short sale.
The property went on market and 2 months later a buyer was secured. Unfortunately the original lender HSBC decided to sell the loan at that particular time causing a delay as the loan transferred to Caliber. A few weeks passed until Caliber was up to speed and they began processing the short sale. Caliber proceeded to overvalue the property by over $30k, demanding way over…
Monday, November 4th, 2013 at 1:05pm. 401 Views, 0 Comments.
Wells Fargo FHA short sales can be pretty unpredictable lately. Sometimes they are an absolute breeze...and sometimes they are just NOT..AT ALL. This short sale would prove to be the latter.
After several years of unsuccessfully trying for a fair market sale, and a few more considering their other options, this Plainville, CT couple realized their only way out of their upside down home was through a short sale.
We listed the home and quickly secured a buyer. Unfortunately the sale fell apart soon after over outrageous demands by the buyer after inspections. To add insult to injury - our short sale negotiator's math skills failed him and his erroneous math led to our short sale request also being declined shortly therafter. Despite Wells Fargo…
Thursday, October 31st, 2013 at 6:14am. 335 Views, 0 Comments.
When this Middletown, CT homeowner became disabled and could no longer work, things went downhill quickly. After struggling through a year of an unsuccessfull attempt at a short sale with an inexperienced real estate agent, he spent another year trying to get a deed in lieu, for which he was ultimately denied.
At the end of his rope and near foreclosure he called me and we listed the home. Three weeks later a strong cash buyer was secured. HSBC - almost always a breeze - approved in days, and Nationstar was speedier than usual to reach a resolution as the clock ticked away towards our law date. Our short sale approval was issued the day before the home was set to foreclose. Our lawyer was able to buy a little more time to accommodate a couple extra…