When these CT homeowners contacted me they were already behind on their payments, and with many failed loan modifications behind them, simply out of hope. The weak CT job market left them perpetually underemployed and they decided to head south for better employment prospects. With an upside down home, they simply had no option but to short sell to avoid a sure foreclosure.
It took just a month to secure our first buyer and we went to work on the short sale. Previous experiences with Carrington proved hit or miss, but we were optimistic for quick resolution. Our hopes for a quick approval were dashed as Carrington moved our file out of short sale and into the “FHA Waterfall Program” AKA – where files go to sit on someones desk for 6 months, with no hope of leaving modification review, no matter what. Although FHA provides guidelines in these situations, all servicers interpret them in their own way.
In this case, despite all of our efforts, Carrington forced us to wait 6 full months before moving us back into short sale. In this time, endless fees racked up, our buyer walked and a foreclosure suit began. With the clock ticking we were finally back on market!
With a new buyer quickly on board we started our short sale with Carrington again. This time, it took just over two months to get short sale approved! We closed the sale soon thereafter with the seller finally breathing free, 10 long months after our struggles with Carrington began!
Last Updated on September 13, 2017 by Minna Reid