A Fairfield, CT short sale success! Several employment changes and the crash of the housing market left these Fairfield, CT homeowners with an unaffordable mortgage and an upside down home. After years of failed attempts to modify their loan or sell their luxury CT home without success, our clients decided it was finally time to cut their losses with a short sale and move on.
The sellers had a jumbo loan serviced by SPS (Select Portfolio Servicing). Although SPS is a fairly predictable lender, they are not one of my favorites as they tend to be excruciatingly slow and unresponsive. Short sales with jumbo loans can also be unpredictable as loans this size tend to not fall into any existing programs, leaving investors free to make up the rules as they go along.
The home went on market and unfortunately was not well received. Homes in the higher end of the market currently tend to move more slowly. It took almost four months and five price reductions to get a solid buyer for the home. Our sale docs headed to SPS.
SPS proved as difficult as expected, as we spent the next 5 months working on the short sale approval. After many delays, our approval letter finally arrived and shortly after we closed on this Fairfield, CT luxury home, with the seller fully forgiven of over $700,000 of negative equity and with an incentive check of $10,000 to boot!
Last Updated on September 13, 2017 by Minna Reid