Short sales with Mr. Cooper!
Considering a short sale and have Mr. Cooper as your loan servicer? Mr. Cooper has been buying up defaulted loans left and right, and currently has a pretty strong loss mitigation team in place to handle their Connecticut short sales. Mr. Cooper holds a lot of government backed loans - FHA and VA, as well as Fannie Mae and Freddie Mac backed loans, which all have specific guidelines as to how their short sales are processed. Mr. Cooper uses a platform called Equator to manage their short sale process. The Equator platform allows for electronic messaging, document collection and updates. Live communication with negotiators at Mr. Cooper can be challenging as they prefer to keep all communications trough the Equator portal. On the bright side, Equator forces a high level of transparency as every request and exchange is documented in the system.
The Connecticut short sale process with Mr. Cooper in 2025:
While I generally tell my sellers they can expect 4-5 months from the day they list their short sale home to the day they close on it, this usually includes about a 2-3 month period for the short sale approval process. Currently, Mr. Cooper short sales are moving even faster. Mr. Cooper has been proactively processing short sales, even before a buyer is involved, leading to a slightly quicker approval process overall, once the buyer is actually in contract.
Short sale documentation requirements with Mr. Cooper in 2025:
Many homeowners are currently qualifying into streamline short sale programs, which are being offered by many investors, including FHA, Fannie Mae and Freddie Mac. Unless you qualify for a streamline short sale (see below), you will still need to gather all required documents, and your agent will upload these into Equator on your behalf, as well as enter the info into the online system.
All in all - Mr. Cooper is currently one of the best lenders in the short sale processing game. The loss mitigation department is currently well staffed, and Equator makes it easy to move the short sale along! Read about our recent short sale success stories with Mr. Cooper.
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 April 7, 2025 by Minna Reid