Pretty simple and easy HAFA short sale approval with a Specialized Loan Servicing 1st Mortgage and a Carrington Mortgage Services 2nd mortgage. These clients had done a loan modification while their loans were being serviced by Bank of America. What BOA did for them before they transferred the mortgages to these new lenders, was tack everything onto the loan balance, actually making their payment go up. Not exactly the loan modification these Connecticut homeowners were looking for, as they were unable to afford the payment before the modification. Everyone at both SLS and CMS were a great pleasure to work with, and the process moved right along smoothly. We had a contract on the property in 2 weeks, full approvals in just under 60 days, and closed the deal less than 4 months from the contract date with a full waiver of deficiency.
Here's the details:
Sale price: $210,000 with $6300 in seller concession paid by the lender.
Total closing costs allowed: $33,000 ( Including $3,000 HAFA incentive to the seller )
Net to SLS - $176,000
Owed to SLS- $320,000
Net to Carrington Mortgage Services - $6,000
Owed to Carrington Mortgage Services - $90,000
Total deficiency waived between both lenders - $228,000
Why settle for less than 5 stars?
Featured in Connecticut Magazine's March 2011 and March 2012 issues as a top real estate agent in overall satisfaction. Contact me for more information about attempting a short sale in Connecticut.
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