August 31, 2017

jumbo mortgage short sale

When these Milford, CT homeowners decided it was time to relocate they found themselves upside down with three outstanding loans on their home. A highly complex and difficult short sale was in order to resolve all three liens so it was time to call in the experts.

We listed the home and within a week a bidding war ensued, ending with us under contract with a seemingly strong buyer. Three short sale packages headed out to OcwenChase and SPS, and we expected quick answers as all three lenders were generally on reasonable timelines. Due to Freddie Mac guidelines, it quickly came to light that the third lien was unresolvable with a short sale, so we advised the owner to settle the lien to get it out of the equation as we continued our work with the other two lienholders.

Chase moved right along. Ocwen – whose short sales were once processed painlessly through Equator in mere weeks. then decided to fix what was not broken as they “upgraded” their short sale processing. Our short sale hit a brick wall….SIX infuriating months passed as Ocwen pushed the file around endlessly with no results.

Finally, days shy of our short sale approval letter, we received word that our buyer had lost his loan…and we were back to square one. The sellers frustration mounted as our second time on market ticked on…. A month later we secured another buyer.

It took another two months for our approval letters from Ocwen and Chase to arrive…and a few weeks later this Milford CT short sale finally CLOSED!

OWED: $410,000



Last Updated on September 20, 2017 by Minna Reid

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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