Find out how this seller walked away from her upside down FHA mortgage with Pennymac!

Pennymac is a mortgage servicer that holds a lot of FHA mortgages. The last few years of FHA forbearances, loan modifications and HUD partial claims has left a lot of folks with FHA loans in trouble and owing more than their homes could sell for.

The good news is FHA is currently offering a simplified short sale option to all their borrowers through October 2024.

Behind on the payments and heading towards foreclosure:

Due to a non-paying tenant, my seller had fallen many months behind on her FHA mortgage. Unfortunately the back due payments and fees now exceeded the value of the home and closing costs. A short sale was the only way to cut her losses and move on from the over-leveraged home.

On the market!

The home went on market and a buyer was quickly secured. Pennymac has its issues, but for the most part, short sales with them are predictable and reasonably fast. It took a couple months for us to get through the short sale process but then an FHA short sale approval letter arrived!

FHA short sale approval and closing!

The buyer had some loose ends to wrap up with their loan, which took longer than expected. After a few extensions, this FHA short sale with PennyMac finally closed, with the seller being forgiven all her excess mortgage debt, and with a $3,000 relocation assistance check to boot!

Want to know if a short sale is right for you?

We've been helping homeowners get out of their upside down homes and on with their lives since 2008, and we can help you!

If you are looking for a short sale specialist, look no further. Minna IS the real deal. At first I was skeptical of the thought of short selling our home and the ultimate plan was strategic default, until my wife convinced me to contact a realtor. I came across Minna via searching the web, left her a message, and within minutes she had contacted me. The rest, folks, is history. You will never find another agent as knowledgeable and compassionate about the business of short sales. Her persistence truly paid off in the end, and I will never forget her aggressiveness towards the banks. She is for the little guy, and will do whatever it takes. You need someone like that in your team or you will NOT have a short sale. PERIOD Highly recommended in our books!! A+++

J.C.

Last Updated on December 28, 2023 by Minna Reid

FHA, Pennymac, Short Sale Success Stories

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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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     Excellent  
     Based on 85 reviews 
    
 
 
   
 
 
         wevschuab13 
 2024-01-29
 
 
  It was a pleasure working with Minna and her team. From the beginning to end, she was there to guide me in the right direction. She does what is best for her clients and will go above and beyond to make sure the whole process is as smooth and it can be. I can't thank her enough for all her help and guidance during the sale of my property.
  
 
        Melissa Case 
 2023-09-07
 
 
  Responsiveness.
Peace of mind.
The feeling that, once and for all, everything was going to be OK.

I got all these things and more the first time I spoke with Minna Reid. I was dealing with a home sale that, at first, had seemed uncomplicated and simple, but then was anything but. I needed help, and I needed it badly. 

From that first moment, Minna jumped immediately into action. She was thorough in her explanation of the things we needed to do and why, and took charge of the whole situation. I was able to take a breath and unclench my shoulders for the first time in weeks. I needed solutions, and she had them. I could not have asked for a better, stronger advocate. On top of that, she’s funny, personable, and knows how to relate to people (this is helpful not just when dealing with stressed-out clients—ME—but also with attorneys, other REALTORS, and difficult buyers).

If you have a tricky home sale situation, I could not recommend Minna highly enough. And she was right: she said everything would be OK, and it was.
  
 
        Kelly Turnage 
 2022-04-23
 
 
  I was about to give up and just turn my back on my home and walk away. However, I found Minna and she was a lifesaver! Other realtors tried to help me but made the situation worse and wasted my time. If you are in the unfortunate place of having to short sale your home, then you know it can be embarrassing and difficult, especially if you don't have real estate experience. Minna knew exactly what to do, and was very professional, knowledgeable, and, kind. Minna was on my side and handled all the challenges we faced with selling a house that at times seemed like it didn't want to be sold! I appreciate Minna and know that you will love her.
  
 
        Tony Guglielmi 
 2022-03-01
 
 
  We are grateful to Minna for her knowledge, professionalism and expertise in shortsales. She truly cares about her clients and it is evident in the manner she represents them. She has a strong work ethic and keen negotiation skills when dealing with financial institutions and buyers. We strongly recommend Minna and her company if u want immediate results.
  
 
        Elizabeth Smith 
 2021-10-17
 
 
  I inherited my father's head and was completely in over my head. Minna was amazing in getting things straightened out with the mortgage company (which had been giving me issues for years) and was so responsive to my emails. I had a lot of questions, as this was my first time going through the selling process, and she was able to answer them all quickly. The selling process was so much easier than I expected it to be, thanks to Minna and her team!
  
 
        qr8k4tscxx 
 2021-07-31
 
 
  My husband and I worked with Minna to sell my father-in laws house after my father-in law-died. 
Minna is highly knowledgeable in regards to selling estate properties. She took the time to explain the process to us and she was very responsive to our needs. Minna was also highly motived to assist us in selling the house quickly. We listened to Minna’s advice in regards to selling the house (during the bidding process) and the house sold for well over what we expected. 
My experience with Minna was very positive and I highly recommend her to anyone who is looking to sell a property. Thanks again for everything Minna!
  
 
        DanLing8 
 2021-04-29
 
 
  Minna has been a fantastic partner in selling our home. She was patient with us in explaining the differences between a short sale and conventional sale and helped us think through the pros and cons of each. During the process of the sale she was strategic and got us the best price for our sale. The process was painless and quick and every step of the way she managed each and every detail flawlessly.
  
 
        Anthony DeLuca 
 2021-02-23
 
 
  Minna helped witha  dificult short sale. It was a process that went on for several months. Minna was professional and attentitive to the process. She worked diligently with the bank to get the deal done. I don't think we could have done it without her!
  
 
        Marcin Rafalowicz 
 2020-12-10
 
 
  Minna was the best thing that happened to us in a very long time. We’ve been planning on moving from on house and on with our lives and the house was simply an anchor. We’ve had two liens on the house that would take a long time to cure and we were forced to sell the house to settle with the bank. I’ve looked around for someone who specializes in short sales, not just an agent that did 2-3. The process took a while, but Minna was super persistent, and her strategic approach was close to none. We have lost two buyers, got a push backs from the back and lean holders and she was able to stay on top of it and at the same time, she kept us afloat emotionally. Because of her, we were able to leave CT and move to FL where we are currently waiting for our new place. Warm thank you to Minna and her team for doing what they do best. Marcin with family.
  
 
        Sarah Woodbury 
 2020-09-13
 
 
  I reached out to Minna when we were first considering a short sale. I didn’t know much about the process or how it worked so naturally I had a ton of questions. She answered all of my questions as well as explained the process in detail so I would know exactly what to expect. Several months later, we kicked off the sale. I had heard so many horror stories about what can go wrong in a short sale so I was very uneasy. With Minna’s expertise the process was so much smoother than I could have ever anticipated! It was just over three months from the time we listed to closing (which is fast for a short sale)!  Minna’s responsiveness and dedication along the way was a huge asset!! It’s because of her that our family is able to put the past behind us and move on to bigger and better things! I highly recommend her!

FHA short sale success with PennyMac!

Find out how this seller walked away from her upside down FHA mortgage with Pennymac!

Behind on the payments and heading towards foreclosure:

On the market!

FHA short sale approval and closing!

Want to know if a short sale is right for you?

J.C.

Minna Reid

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