Stories of successfully closed short sales in CT.
There are currently 121 blog entries related to this category.
Thursday, July 24th, 2014 at 12:08pm. 83 Views, 0 Comments.
Ocwen used to be one of my favorite lenders to work with. They were streamlined in Equator and short sale approvals would seamlessly arrive within a few weeks. Naturally Ocwen decided to fix what wasn't broken. Ocwen partnered with Altisource and the once smoothly running system came crashing to a catastrophic hault.
When my Bristol, CT homeowners had to move down south for employment opportunities sadly they were tied down by their overleveraged home and left with no alternative but to short sell. It took two months in the dead of winter to find a buyer for this Bristol home, and then our nightmare with Ocwen began. Ocwen even blatantly disregards the fact that Freddie Mac - the owner of the loan - has set timelines for short sale processing for…
Tuesday, July 8th, 2014 at 7:30am. 122 Views, 0 Comments.
After 2 years of unsuccessfull short sale efforts with two different agents, this Marlborough, CT homeowner decided to find a short sale expert for her next attempt at short selling her overleveraged home.
It took just 3 weeks to secure a cash buyer for the home, and a short sale package quickly headed to the lender. Unfortunately US Bank is never easy to deal with, and is quite likely the most difficult bank in the country to work short sales with. Four long months passed as US Bank endlessly shuffled paperwork until the buyer grew weary and walked.
Another month passed until we secured a new, more patient buyer. Three additional months passed and finally the short sale approval arrived! After another 6 weeks of lender shenanigans (this…
Tuesday, July 1st, 2014 at 10:49am. 175 Views, 0 Comments.
The short sale department at Wells Fargo has been a complete wreck for the past few years, frequently taking many months to approve the simplest of short sales. But this time would be different!
When this Bristol CT couple called me they were several months behind, facing foreclosure and looking to leave the state to make a fresh start down south. With the clock ticking we listed the home. It took just a single week for a bidding frenzy to develop and within our first week on market we were under contract with a strong buyer.
To our great surprise, Wells Fargo rushed to action to get our short sale approved. VA short sales ( otherwise known as compromise sales) can be bound with red tape...but that was not the case with this sale. It took just 4…
Tuesday, June 10th, 2014 at 5:22pm. 356 Views, 0 Comments.
It's always a long road to the end of a short sale with U.S. Bank - quite possibly the most difficult lender on the face of the earth.
When this Beacon Falls, CT homeowner explained his predicament I knew we were in it for the long haul. My client was relocating accross the country for work but had over $100,000 of negative equity keeping him prisoner. Determined to keep his credit top notch, he wished to be able to get approved for his short sale and never miss a single payment. It's not always easy to get short sales approved for borrowers who are current on their payments, but it is possible.
It took just three weeks for the home go under contract in the midst of a bidding war. While I was hopeful that US Bank may have cleaned up their ways…
Wednesday, June 4th, 2014 at 6:04pm. 198 Views, 0 Comments.
Chase just doesn't make it easy...
When this Bristol homeowner called me, she had been renting out her upside down home for several years and was tired of taking a monthly loss and while waiting for the market to come back. We put the property on market and 5 weeks later a buyer was secured.
Unfortunately, months passed as we pushed on for the approval and finally 4 months later the buyer walked...
Our second time on market proved more difficult than the first and it took 2 more months to secure another buyer. Our approval finally arrived after a grand total of 7 months had passed...and shortly thereafter this Chase short sale finally closed!
Monday, May 19th, 2014 at 1:23pm. 208 Views, 0 Comments.
When this Bristol, CT couple called me to tell about their plight, the moment I heard the words U.S. Bank - my heart sank. By far the worst short selling lender on the face of the earth, I had sworn off working with US Bank earlier in the year. After hearing the couple's sad story, I decided I would reconsider my position and take the listing on.
We started working on the FHA short sale right away as the property went on market. It took under just three months to find a buyer for the home, during which we fruitlessly attempted to get US Bank to get moving on the short sale. Unresponsive negotiators and lost paperwork were the norm. By the time we had a buyer we were on our third attempt to get US Bank to start the approval process.
Tuesday, May 13th, 2014 at 7:02am. 156 Views, 0 Comments.
Worn out on fruitless attempts at a loan modification and unable to keep up, this CT homeowner called me to list his home as a short sale.
It took two months and a few price reductions to get the home under contract, but we were soon moving forward with the short sale. Months passed by as our Greentree negotiator was unresponsive and rude, refusing to move the file along. It took several escalations to get the file into someone else hands, and then we finally started moving along.
In usual Fannie Mae fashion, our purchase was met with a ridiculous counter, stalling us once again as we tried to overcome our latest obstacle. Ultimately a solution was reached, and 5 months after our short sale package was first received - a short sale approval…
Saturday, May 3rd, 2014 at 10:19am. 270 Views, 0 Comments.
HSBC tends to be one of my favorite lenders to work short sales with. They are usually on the ball and make things easy and most of all FAST!
When we listed this lovely Cromwell, CT condo it took just a month to secure a strong buyer in a multiple offer situation. HSBC tends to never ask for any financial documentation, greatly easing the entire short sale process. Less than 2 months after sending short sale documents to HSBC an approval seamlessly followed!
Much to the buyers surprise, they had to move quickly to close on their new home. HSBC is fast and they expect everyone else to move fast as well, leaning towards very short timelines from approval to close. Less than a month after the short sale approval letter arrived, this Cromwell HSBC short…
Monday, April 21st, 2014 at 6:50pm. 260 Views, 0 Comments.
PHH is an unpredictable lender....most of the time they are a disaster...and sometimes they seem to have it a little more together. This particular short sale of an FHA loan was a little bit of both.
When this splitting couple first called me they had decided to move on without each other, but were prisoners of the overleveraged home they had purchased together. After considering all their other options they decided to attempt a short sale.
We listed the home and PHH Mortgage pushed our paperwork around endlessly as 5 months passed with virtually no progress, despite continuous, unrelenting efforts on our end to push the file through. Finally, as we hit the edge of having a foreclosure suit filed we got moved along to a sympathetic…
Wednesday, April 2nd, 2014 at 7:25am. 536 Views, 0 Comments.
It's not every day a short sale takes over a year....but when Bank of America is in charge - anything is possible. When this Middletown couple was referred to me, they had been struggling to keep up with the mortgage and knew it was time to give up and short sell.
We listed the property and 8 months slowly passed as we struggled to get moving on our FHA short sale, but Bank of America kept insisting on pushing a loan modification, threatening and harassing my clients until finally they were released from the loan modification department and moved into short sales.
As we finally started making progress, Bank of America quickly sold the loan to M&T Bank, and we were forced to start over. Thankfully - removing Bank of America from the picture was…