HAFA Short Sale with Select Portfolio Servicing Closed in Newark
We're pleased to announce another successful Select Portfolio Servicing HAFA Short Sale has closed, this one located in Newark, NJ.
This 2-family home was in good condition and showed complete pride of ownership. Featuring hardwood floors, an above ground pool in the rear yard, a finished basement and attic and separate utilities, it made for a great investment.
As this was a U.S. Treasury HAFA Short Sale, we completed the request for HAFA consideration form. Both lien holders participate in HAFA, and the borrower was quickly given a HAFA Short Sale Agreement. The Short Sale agreement clearly spelled out the net proceeds necessary to release the liens against the property.
We immediately moved to market the property at the indicated list price. The pricing was fair and within a week we had multiple offers, several of which were cash. Within two months, the sale was closed. The buyer was happy with the new investment property he bought for a fair price, and the seller was elated to be out from underneath his upside mortgage with SPS. He even received a $3,000 Borrower Incentive fee at the closing.
Another SPS HAFA Short Sale in the books, and we hope to close more over the coming year.
If you have a mortgage serviced by Select Portfolio Servicing, and would like to discussforeclosure alternatives, please
contact me at (917) 518-7861 for a confidential consultation at no charge.
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