Forbearance isn't always the answer!
Many Connecticut homeowners signed up for the Covid 19 forbearances that were widely offered during the shutdowns. But free rides don't last forever, and eventually it always comes time to pay the piper!
As their Covid forbearance came to an end, this CT couple decided to review their options. After several workouts with their lender, their mortgage balance had grown and they now lacked the equity to sell traditionally. Also lacking the funds to keep up with their new payment, they decided to cut their losses and pursue a short sale.
A short sale with SPS:
Short sales allow homeowners to sell their homes even when the mortgage debt exceeds the home's value. In this case SPS (Select Portfolio Servicing) held the mortgage to the home. SPS can be challenging to work short sales with as they are highly unorganized and generally slow moving.
Getting to the closing table!
The home went under contract quickly in a hot seller's market. That's when our troubles with SPS began. Missing documents, unresponsive negotiators and processing delays followed. It took 5 months of relentless pushing until finally this SPS short sale was approved!
The sale closed soon after, with my very relieved sellers walking away from their upside down home with tens of thousands of dollars of excess mortgage debt fully forgiven in this SPS short sale success!
I cannot honestly find the right words to express the amazing job that Minna, Jaime, and the entire group did for me. Making the decision to go through a short sale process is daunting, to say the least, but Minna and her team somehow found a way to take all of the stress out of it.
From taking time during our initial conversation to explain all of the possibilities to seamlessly navigating through all the hoops with the lender, every step of the process was masterfully covered.
From our initial conversation to closing was about a five month process in total, something I consider a minor miracle considering I didn't think I would ever be able to find a buyer for the property!
Overall, I could not be happier with my experience. To anyone looking for real estate expertise, whether it be standard or short sale, I would say that there is Reid Real Estate Group and then there is everybody else!
Last Updated on July 1, 2021 by Minna Reid