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Despite usually being quick and predictable for most of the year, SPS religiously slows down its short sale processing to a crawl towards the close of the year. This short sale proved to be no exception.
After watching the value of their home plummet to less than half of its market peak value while struggling to keep up the payments, these homeowners decided it was time to cut loose of their bad investment. With over $100,000 of negative equity, a short sale was their best option to get their mortgage debt forgiven and move on.
It didn’t take long to find a buyer for the home. Chase – the lender who originally held the mortgage was quick to move on the file and we were looking forward to a quick approval.
Unfortunately, the loan was sold to SPS mid-stream and we had to start over. SPS is a breeze to work short sales with in the spring and summer, but somehow they seem to fall apart every fall. In this case SPS fumbled over a ready to approve file for a solid 4 months, until we finally received an approval letter!
We closed soon after with our seller walking being fully forgiven of over $100,000 of mortgage debt, and with a relocation incentive check for $3,000!