August 31, 2017

A CT Nationstar and Bank of America short sale success

The rising costs of living and long daily commute left these CT homeowners tired and scraping change to make ends meet until they decided they had enough. Realizing they would likely never pay their way out of the upside down home they decided to cut their losses and short sell their home to move closer to work.

Originally a Bank of America first and second mortgage, the week we listed the home the first loan got sold to Nationstar, making the process a little more complex than originally anticipated. It took two months to find a buyer for this home in the dead of winter. A short sale package headed to the lender.

Nationstar is hit or miss. They have been known to be on the ball and approve in a few short weeks, and I have also seen the opposite with this unpredictable lender.

It took almost 3 months to get Nationstar to approve the sale and even then Nationstar demanded a cash contribution from my sellers. With a little negotiation we got the contribution down to a manageable $1,500 and the first was approved with full debt settlement. Bank of America – usually a breeze – dragged for weeks further as the negotiator proved difficult and unresponsive. Bank of America finally approved the short sale on the second mortgage – also with full debt forgiveness – with barely a few weeks left on our short sale approval letter from the first.

The buyers moved quickly and shortly thereafter this Nationstar/Bank of America short sale closed.

OWED: $215,000 (Nationstar 1st Mortgage $170,000 + Bank of America 2nd mortgage – $45,000)

APPROVED AND CLOSED WITH FULL DEBT FORGIVENESS: $115,000 with seller contributing $1,500

TOTAL TIMEFRAME LIST TO CLOSE: 6 months

Minna Reid

Minna Reid is a Connecticut Realtor and the Broker-Owner of Reid Real Estate Group. The Reid Group offers years of real estate experience, intimate knowledge of the local market and the highest levels of customer service and professionalism to help guide you through all of your real estate transitions.

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