Stories of successfully closed short sales in CT.
There are currently 92 blog entries related to this category.
Tuesday, June 4th, 2013 at 9:01am. 143 Views, 0 Comments.
When forced to choose between his 1 bedroom condo and his new family of 3, this CT homeowner decided it was time to let go of his bachelor condo. Unable to rent the property to cover its payments and unable to find $70,000 to cover the lost equity on the home - my client decided to short sell the property.
The long road ahead started brightly enough as a buyer was secured in just 6 weeks. It didn't take long for Wells Fargo to deny our file for "lack of hardship". Carrying two sets of household expenses and falling behind apparently was just not hard enough....the buyer walked.
We went back on market for round 2. Another month later we secured our second, very patient buyer. We resubmitted the file...and several weeks passed until we were denied…
Thursday, April 4th, 2013 at 7:50am. 532 Views, 0 Comments.
After being relocated to another state for work, this homeowner had rented out her New Britain, CT home waiting for the market to recover. After several failed attempts at a fair market sale, she decided a short sale was her only realistic option to get out of owning the home.
The home was priced agressively and a cash buyer was secured in a week. Bank of America was quick to respond to our short sale request and started working the file right away. Unfortunately, the brand new negotiator improperly processed the file and several weeks later, the entire file had to start again from the beginning. Despite this setback, an approval arrived in less than 8 weeks total. Usually, when homeowners are current on payments and have good income and credit (as…
7 months of needless torture with McCue Mortgage- an FHA short sale success story in Meriden, Connecticut
Thursday, March 28th, 2013 at 7:57am. 1805 Views, 0 Comments.
McCue Mortgage strikes again! Never failing in their eternal effort to make every short sale a painstaking nightmare, McCue makes this Meriden, CT short seller pay dearly for trying to do the right thing and avoid foreclosure...
With employment lacking, this Meriden couple had employment opportunities several states away, but found themselves over $50,000 short to be able to sell their home. Looking to cut everyones losses they decided to short sell the home. The home was listed and immediately a short sale package headed to McCue on this FHA short sale.
Unfortunately McCue doesn't care about homeowners or saving money (perhaps because taxpayer funded FHA picks up he losses???), and a WHOPPING 6 months of McCue fumbling around followed. The two…
Tuesday, March 26th, 2013 at 8:05am. 288 Views, 0 Comments.
When this Hamden homeowner was forced to move for his job he unfortunately discovered his home had lost 35% of its value in the last 4 years...leaving a short sale as the only realistic option for selling the home. VA Loans are guaranteed by the U.S. Department of Veterans Affairs (VA), and have their own short sale program - known as a "compromise sale".
Our first buyer was secured quickly after going on market, but the buyer soon walked and we were back on market. It took two more months in the slow winter season to secure our second buyer. I have never known VA compromise sales to be particularly speedy and this was no exception. Several more months followed as Chase took their sweet time processing the VA short sale, until finally our short…
Saturday, March 23rd, 2013 at 9:29am. 367 Views, 0 Comments.
When this Bristol homeowner got a job offer several states away, he was left stuck with an upside down home here in CT. With no way to rent and cover the mortgage and lacking the extra $100k+ to cover the loss, after much consideration these homeowners called me to discuss the possibility of their Bristol, CT short sale.
The most difficult part of this short sale was actually finding a buyer in the flooded Bristol real estate market. The home was listed but it took 5 months to secure a strong cash buyer for the home. A full short sale package headed to Cenlar on this Freddie Mac owned loan. The short sale servicing on this loan had been assigned to Bayview Loan Servicing. Our negotiator was fairly responsive and within a few weeks progress was…
Friday, February 8th, 2013 at 12:42pm. 262 Views, 0 Comments.
LoanCare seems to have cleaned up their act a bit in their short sale processing in the past year. When my clients decided to divorce, they were left with a home neither could afford alone and that had lost 30% of its value in the last 6 years. Their only option to get out of the home was a short sale.
It took only 2 weeks to secure a buyer for the charming home, and in a race to beat the expiration of the Mortgage Debt Relief Act - we hustled to get a full short sale package into the lender immediately. With constant pushing, LoanCare did process the short sale in a timely fashion and within 7 weeks we had an approval letter. Although the approval came a week into the new year, luckily the Mortgage Debt Relief Act was extended through 2013. It only…
Monday, February 4th, 2013 at 5:04pm. 273 Views, 0 Comments.
My client had tried and failed to sell his home as a "regular" sale for many months when he finally realized his only way out was a short sale. We listed the home and within 2 months a strong buyer was secured at market value.
What could have been a simple, quick short sale approval quickly unraveled as McCue Mortgage assaulted our FHA file with their usual senseless shenanigans. Months passed as unresponsive short sale personnel fumbled around with the file. Finally - an appraisal was ordered, which of course - came in too high.
Luckily, not only was McCue on the processing side of this FHA short sale, but the buyer also had a a McCue FHA loan, and was willing to order their appraisal to help get the short sale approved. The buyers appraisal…
Thursday, January 3rd, 2013 at 9:49am. 765 Views, 0 Comments.
After a year of frustrating failed attempts to get his loan modified, this Connecticut homeowner decided to throw in the towel, cut his losses and short sell his upside down CT home.
Surprisingly, it took 5 whole weeks to find a buyer for the lovely waterfront home. Despite painstaking efforts to gain a quick approval, Wells Fargo (a mess as usual) shuffled the file around for almost 4 months before countering the purchase price. Some renegotiations followed and a resolution was reached. Wells Fargo approved the short sale and we were prepped to close.
CitiMortgage on the other hand assigned us an unresponsive, inexperienced processor. While Citimortgage is usually an absolute pleasure to work with, this would prove the exception. It took…
Monday, December 10th, 2012 at 2:14pm. 498 Views, 1 Comments.
I wish I could say it is rare, but it took three short sale approvals to make this CT short sale finally stick.
This Manchester CT couple had tried to sell their home on a few occasions in the past to no avail. Now left with a huge payment, severe negative equity and seeking a better school system for their child, this couple wanted out....and a short sale was their best solution.
Our first attempt to sell the home was...slow. It took two months to secure a buyer for the home. It only took Chase a few weeks to approve the short sale, but our sale blew apart when the buyer lost their loan.
Another month passed until we secured our second buyer. The Chase short sale again took a few weeks to approve. The light at the end of the tunnel seemed…
Monday, November 26th, 2012 at 10:08am. 7064 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…