Tagged : short sale success stories
There are currently 64 blog entries matching this tag.
7 months of needless torture with McCue Mortgage- an FHA short sale success story in Meriden, Connecticut
Thursday, March 28th, 2013 at 7:57am. 1022 Views, 10 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. 228 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. 317 Views, 2 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…
Monday, February 4th, 2013 at 5:04pm. 257 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, October 4th, 2012 at 8:32am. 457 Views, 0 Comments.
Not all short sales work out the first time. In fact sometimes I get to sell the same properties over and over again before a deal actually closes....This Enfield CT GMAC short sale took two buyers and three short sale approvals...
Our first time on market the property was a hit and a buyer was secured in just three short weeks after non-stop showings. A short sale package headed to GMAC - by far the most together short sale lender out there. It took just a few short weeks for GMAC to painlessly approve the short sale. I envisioned by client ecstatic when her entire short sale cosed after mere weeks.
But not so fast. A few weeks later our buyer simply walked, for no good reason at all....and we were back at square one.
This time the market was…
Monday, August 13th, 2012 at 1:11pm. 655 Views, 0 Comments.
The HELOC ( home equity line of credit ) department at Wells Fargo can be demanding to work with. While they will quite easily approve short sales and deliver lien releases, getting them to fully settle on their lines of credit can be quite painstaking.
When this Connecticut couple contacted me, they had been relocated accross the country by his employer and were stuck with some pretty heavy negative equity and unable to sell their Newtown home. While a sale could get enough to satisfy their first mortgage, the Wells Fargo second mortgage would be left out in the cold.
My sellers beautifully staged the home and it went on market priced agressively. It took less than a week to find a strong buyer for the home and a short sale package headed to…
Sunday, July 29th, 2012 at 4:19pm. 621 Views, 0 Comments.
After many months of unemployment, these CT homeowners had run out of savings and were falling behind on their mortgage. Job prospects in the area were lacking and there was no choice but to move away.
Originally my clients failed to see the difference between short selling and simply walking away. After a discussion about CT foreclosures and deficiency judgements, my clients decided a short sale was in their best interest.
We listed the home and just 4 days later we secured a strong buyer for the home. A few weeks passed as my sellers attempted to opt out of HAFA. Once they had successfully opted out and were headed for a traditional Citimortgage short sale things started moving along. As usual - Citimortgage quickly produced an approval letter…
Monday, July 9th, 2012 at 7:19pm. 625 Views, 0 Comments.
When this East Haddam, Connecticut homeowner had to retire from the military, he was left unemployed and stuck with an upside down home. He was able to secure new employment, but in Florida, leaving no choice but to short sell his CT home with its VA loan. VA has their own short sale called the VA Compromise Sale.
It took exactly a month to find a buyer for this East Haddam home. Unfortunately Bank of America seems to have a real problem processing any government short sale lately and this VA loan was no exception. Three months passed as we pushed Bank of America to approve the short sale.
When the approval finally arrived - Bank of America gave us less than three weeks to close - no extensions allowed. Although this seemed near impossible at…
Thursday, June 28th, 2012 at 1:48pm. 933 Views, 0 Comments.
In never thought I'd say these words...but Ocwen to the rescue.
After struggling through months of unemployment and several failed attempts to modify their loan with Chase, these CT homeowners had given up and decided to just cut loose and sell their home in a short sale.
The home was an immediate hit and was under deposit within 2 weeks. A short sale package headed to Chase - the kings of incompetence. Fortunately - less than two weeks later my homeowners received notice their loan had been sold to Ocwen.
We started all over with Ocwen. It took a few weeks for them to have the loan set up in their system, but once we were able to initiate the short sale, just a few short weeks later our HAFA approval letter arrived. It took the buyers…
Friday, June 22nd, 2012 at 8:03am. 789 Views, 0 Comments.
While short sale processing timelines at Chase have improved a little over the last several months, Chase seems to have some restricting rules in place that severely inhibit communications. Chase is one of the only lenders that does not have a software platform in place for short sale processing, refuses to use email to communicate and Chase negotiators are also prohibited from leaving any detail on voicemail messages. Add to this the fact that the negotiators rarely answer the phone and can take days to return a phone call - and you have a real communication problem! Even the most minor exchange of information can easily take days or weeks making the Chase short sale team one of the most inefficient loss mitigation teams in America.