August 31, 2017

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 our Greentree short sale approval letter, it was time to come up with a new plan! After crunching some numbers, we devised a way to get the first loan paid in full, leaving us only to short the second, and a few days later this Greentree short sale closed!

Last Updated on September 27, 2017 by Minna Reid

About the author 

Minna Reid

Minna Reid is The Broker - Owner of Reid Real Estate Group. Reid Real Estate Group is a full-service Connecticut residential real estate brokerage, specializing in helping homeowners with legal and financial challenges including short sales, probate sales and tax lien complications.

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