Anther Mr. Cooper short sale success!
Mr. Cooper (formerly Nationstar), is one of the largest mortgage servicers in the country, and holds a ton of bad loans.
Fortunately, their loss mitigation department is one of the most efficient currently and liquidating these bad loans seems to be high priority.
Contrary to popular belief, bankruptcy doesn't actually eliminate home ownership! While a mortgage note may get discharged in a chapter 7 bankruptcy, the homeowner still remains on the title to the home, and the only way the lender can gain ownership is by going through the foreclosure process.
Unfortunately, unless the owner finds another way out for the home, they will have not only a bankruptcy, but also a foreclosure. The Connecticut foreclosure process can take years to complete, leaving the owner with a property they no longer want to own for a lengthy period of time, and further complicating financial recovery.
This was the case with my CT seller. She was stuck owning a home she no longer wanted, and decided to pursue a short sale to move on from the property in the quickest way possible.
The Mr. Cooper short sale process
While Mr. Cooper is a decent mortgage servicer, this loan was actually owned by Freddie Mac. Freddie Mac tends to be one of the most difficult investors to work with, and this turn proved no different. While the investor was looking at an uncolleptable bankrupted mortgage, they still made every step of the short sale process extremely challenging, including hiding their appraised value, continuously asking for the buyer to increase the purchase price, and ultimately denying the sellers relocation assistance funds.
Short sale approval!
Months passed as we overcame the various challenges presented by Freddie Mac. Ultimately, the stars aligned and we finally received an approval letter! Just a few days later we closed, and the seller was able to walk away and start a fresh new life without her mortgage debt, or her burden property!
Need help with your Mr. Cooper short sale?
We're the experts! We've been CT's #1 short sale team since 2010! We've helped hundreds of homeowners move on from their problem property and we can help you!
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.
T.G.
Last Updated on September 2, 2025 by Minna Reid