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Sometimes when I tell my clients they can expect a smooth, quick short sale (such statements stem from my prior experiences with their lenders)..I get to eat my words later! This Bridgeport, Connecticut short sale success story would be one of those times!
It all started out well enough…
My clients situation was a classic no—problem-getting-this-one-approved hardship case, and (at the time) she had a 1st mortgage with Chase and a second mortgage with Ocwen. Both being fairly quick, especially Ocwen – I anticipated smooth sailing and a close in a few months time.
The property went on market and about a month later a buyer was secured.
We moved forward with getting the short sale processed with both lenders. Ocwen speedily approved and Chase was close behind…until….
…instead of an approval letter from Chase, we received word that the loan had been sold to SPS.
Well.....these things happen, and since we generally have a pretty easy time with SPS as well, I expected a few weeks to get back on track and to approval!
It took almost 3 months for SPS to get back on track and finally an approval letter arrived, with Ocwen’s close behind! Unfortunately, the buyer was now unable to close within the timeframe specified on the approval letter. Even though we proceeded to get an extension, the buyer AGAIN failed to close.
We attempted to get another extension letter, but were met with rejection as SPS told us too long had passed and that they would have to re-approve the entire short sale!
Surprisingly, SPS moved quickly this time and within a few weeks, our short sale was re- approved. Sadly, it was now Ocwen’s turn to fumble around, which they did for the next two months….until all the stars finally aligned: Ocwen issued an approval, and the buyer was finally ready to close!