Stories of successfully closed short sales in CT.
There are currently 130 blog entries related to this category.
Friday, November 21st, 2014 at 2:18pm. 26 Views, 0 Comments.
After spending most of the year as a complete mess after "streamlining" in early 2014, Ocwen is finally getting their game together again! When this West Haven, CT homeowner found himself no longer able to afford his oceanside home and unable to modify the loan, he had no choice but to attempt a short sale.
The beautiful, remodeled,
oceanfront property went on market but surpisingly failed to sell as four long months passed. It took several price reductions until a buyer was secured, and then a short sale package headed to the lender. As most of our recent short sales with Ocwen had been excruciatingly painful, we were prepared for the worst. To our surprise the short sale was quickly processed and just 5 weeks later our short sale approval…
Thursday, November 6th, 2014 at 10:13am. 97 Views, 0 Comments.
Greentree isn't know for their speed...but sometimes lenders surprise you! When this Middlebury, CT couple needed to relocate out of state for work, they found themselves almost $100K upside down in their home. While they could come close to paying off the first mortgage with Ocwen, the second was all negative equity. Staying wasn't an option so we listed the home as a short sale.
It took just a week to find a solid buyer for the home in the busy spring market. It originally appeared we would be shorting both loans so short sale packages headed to both lenders.
Greentree came back with an approval in just 10 weeks! Ocwen continued to give us trouble for a solid 4 months, ultimately declining the short sale altogether.
With mere days left on…
Monday, November 3rd, 2014 at 4:18pm. 85 Views, 0 Comments.
When this Hamden couple was relocated across the country for work, they found themselves way upside down in their house, with no way out and decided a short sale was their best solution.
The home went on market and it only took a couple weeks for a bidding war to ensue and a buyer was soon secured! VA compromise sale documentation quickly headed to Merrimack. Merrimack proved to be responsive and a pleasure to work with, and even though it took some time for them to move along - they did so painlessly.
Four months later a short sale approval letter arrived and a moth later this Merrimack VA compromise sale closed!
APPROVED AND CLOSED: $160,000
TOTAL TIME FRAME LIST TO CLOSE: 5 MONTHS
Thursday, October 23rd, 2014 at 3:19pm. 195 Views, 0 Comments.
Most short sales are frustrating and difficult, some are an absolute nightmare, and some of them just blow you away with their ease!
After a major life change this Shelton homeowner found himself living in a condo that no longer worked for his lifestyle, but stuck in a mortgage that made it impossible to move on. A short sale was his only realistic option at getting out of the home.
In our slow CT condo market, it took 2.5 months to secure a strong buyer and immediately we went to work on the short sale approval. Between SPS and Carrington our client was almost $200,000 upside down in the home.
With relative ease both lenders quickly started processing the short sale and within weeks we had an approval from Carrington. Despite my suspicions…
Monday, October 13th, 2014 at 10:31am. 174 Views, 0 Comments.
Nationstar just doesn't make it easy lately!
When this West Hartford homeowner called me she was at her wits end after several years of unsuccessful loan modification attempts with her lender Bank of America and was ready to move on. We listed the home as a short sale. Soon after Bank of America sold the loan to Nationstar.
Nationstar had been an okay lender to deal with until they decided to partner with auction.com - creating one of the most burdensome and least successful short sale processess around today. It took 3 long months on the slow CT condo market to secure a buyer and full short sale packages headed off to the lenders - Nationstar and SPS. It took 4 excruciating months for Nationstar to process the short sale and get through their…
Tuesday, September 23rd, 2014 at 10:17am. 320 Views, 0 Comments.
When these Milford, CT homeowners decided it was time to relocate they found themselves upside down with three outstanding loans on their home. A highly complex and difficult short sale was in order to resolve all three liens so it was time to call in the experts.
We listed the home and within a week a bidding war ensued ending with us under contract with a seemingly strong buyer. Three short sale packages headed out to Ocwen, Chase and SPS, and we expected quick answers as all three lenders were generally on reasonable timelines. Due to Freddie Mac guidelines, it quickly came to light that the third lien was unresolvable with a short sale, so we advised the owner to settle the lien to get it out of the equation as we continued our work with the other…
Wednesday, September 3rd, 2014 at 10:41am. 349 Views, 0 Comments.
2014 has been a year of change for the better at the Wells Fargo short sale department....After landing on my Top 5 List of the worst lenders to do short sales with in 2013 and following through with another years worth of excruciatingly painful short sales, Wells Fargo has finally stepped it up a notch!
For the third time in 2014, Wells fargo DELIVERS...with an easy breezy short sale approval in mere weeks!
After a divorce, my client had been left upside down in an unaffordable loan an with no way out. A VA Compromise sale ( VA's name for their short sales) was her only reasonable option and she was ready to go! It took just 10 days to sell the home in a multiple offer situation at the height of the selling season. A short sale package quickly…
Monday, August 18th, 2014 at 3:37pm. 268 Views, 0 Comments.
When this Wallingford, CT couple decided it was time to move on from their starter condo, they found themselves prisoners of their negative equity! With a first mortgage with ASC ( a division of Wells Fargo) and a second with Ocwen - there was just no way to come up with the $50K+ to sell the home traditionally.
We listed the home as a short sale and in the slow CT condo market it took us just over 2 months to secure a buyer. Short sale documentation quickly headed to the lender. ASC breezed through their short sale processing and our only hang up came with a bad valuation, causing ASC to request the buyer to raise their offer far above true market value. A value dispute quickly settled the issue and our short sale approval letter arrived! Ocwen…
Thursday, July 31st, 2014 at 7:14am. 229 Views, 0 Comments.
While Bank of America's FHA short sale department is generally a disaster, once in a while even they get it right....
A year after our initial consultation this New Britain homeowner called me to finally list his home. He had tried unsuccessfully to modify his loan and was ready to move on. The home went on market and just three short weeks later we secured a strong buyer for the home. FHA recently revised their Pre-Foreclosure Sales program to streamline more closely with conventional short sale programs. This made the program more flexible, however servicers generally take a long time to adapt to any changes to guidlines. I expected many months to get Bank of America to make a decision.
Despite this and the fact my client was current on his…
Thursday, July 24th, 2014 at 12:08pm. 298 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…