Whenever I get a call that starts out with “I co-signed a loan for family….” I always cringe. I know just where this call is going… Things didn’t work out as well as this family had hoped and a few years after moving in, the loan was years behind and the owners were in foreclosure. Worried about being pursued for a deficiency, my seller decided to attempt a short sale.
The property went on market and 2 months later a buyer was secured. Unfortunately the original lender HSBC decided to sell the loan at that particular time causing a delay as the loan transferred to Caliber. A few weeks passed until Caliber was up to speed and they began processing the short sale.
Caliber proceeded to overvalue the property by over $30k, demanding way over market value to settle. Several more weeks passed as we disputing the value and adjusted the sales prices until all parties reached a happy medium. Just prior to our anticipated close, creditors with old judgement liens started causing trouble and threatening the sale. They were ultimately squashed by a trip to the courthouse….and several weeks later we closed!
APPROVED AND CLOSED WITH SELLER CONTRIBUTING $2,000: $180,000
TOTAL TIME FRAME: 6 MONTHS
Last Updated on September 12, 2017 by Minna Reid