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About
Senior Lien: Seterus
Balance: $190,000
Junior Lien: CCO
Balance: $37,000
Property Value: $140,000
This short sale was approved by Seterus in just four weeks. They allowed 6% of the junior lien balance to be paid to CCO. CCO took 120 days to approve the sale. Their reason for the delay was understaffing. They required the seller to make a payment prior to closing. Both lenders issued a full waiver of deficiency. After approving the short sale, Seterus changed the locks on the house anyway. This required a counter-lock change to give buyers access to do their home inspections. All in a day's work.
If you are considering short sale to avoid foreclosure, contact a Shalimar short sale agent. We can write your success story together.
Bank America has approved this Fort Walton Beach Florida home for a Ginnie Mae USDA short sale. It was a lengthy process. Bank of America only recently added Ginnie Mae short sales to its Equator processing platform. This file was handled through emails and phone calls directly with a Bank of America Ginnie Mae specialist.
What is Ginnie Mae? Ginnie Mae is a governmenty entity that guarantees VA, HUD and USDA Rural Housing Services mortgages. This makes these loans more valuable as investments when sold to the secondary market, thus more attractive to mortgage servicers, such as Bank of America.
What about the deficiency on a USDA short sale? The deficiency is the amount of the note not covered by net proceeds of the sale. According to USDA's servicing guidelines:
One caveat about Ginnie Mae USDA short sales - you will not be approved unless you miss at least one payment. This is not true with many other short sales programs.
If you are considering short sale to avoid foreclosure of your Okaloosa Island condo, be sure to contacted an experienced Fort Walton Beach short sale agent.
This lightning speed short sale approval for a Fort Walton Beach Florida townhouse in Shangra Woods was a great way to start 2011. How long did it take? 15 days!
December 20: Short Sale package faxed to Citi Mortgage
December 29: Negotiator assigned (who says people don’t work over the holidays?)
January 4: Approved!
This Fort Walton Beach short sale seller had one mortgage, which helped the process. This was not all “slam-dunk”, but close.
Citi slightly countered the purchase price with a minimum net requirement. I questioned the settlement statement, asking if all fees would be approved if the net were met. The buyer had asked for 6% closing cost credit. Citi limited the amount to 3%. (Many short sale lenders will not pay more than 3% if they even agree to extra closing costs for the buyer.)
The thorough package and excellent communications with the negotiator were the keys to success. Result? Happy New Year!
If you are facing foreclosure in Fort Walton Beach Florida, be sure to consult an attorney and an experienced Fort Walton Beach short sale agent.
Bank of America has approved the short sale for this Shalimar Florida townhome in Country Villas. The original mortgage was for $104,000. The sale price will be about $60,000.
The really good news for these Shalimar short sale sellers? No deficiency!
If you are considering a short sale to avoid foreclosure, contact an experienced Shalimar short sale agent.
It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com
Shalimar Florida Short Sales & Pre Foreclosure Help.
Read Wendy's Shalimar Real Estate Blog
Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
This Waterscape unit had a Regions mortgage of about $450,000. The sale price was about $260,000.
How did Regions approve this short sale in just two weeks?
- Complete package submitted to lender
- Strong fair market value offer
If you are considering selling your Okaloosa Island condo to avoid foreclosure, contact an experienced Fort Walton Beach real estate agent who specializes in short sales.
It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com
My most recent Fort Walton Beach short sale approval was like going through ten rounds in a boxing match. The senior lien, Carrington Mortgage, initially wanted the seller to pay a $150,000 promissory note, or about $450 per month, to cover the loss. The seller, having no income, said no. Carrington then dropped the request and asked for a cash contribution of $10,000. Again, the seller said no. After weeks of wrangling, Carrington settled for the contract proceeds without any promissory note or cash contribution, and approved the short sale. Flagstar Bank, the junior lien, received a small contribution from the buyer. Here is the summary:
Short Sale property: Single Family home in Fort Walton Beach Florida
Senior Lien: Carrington Mortgage – balance $570,000
Junior Lien: Flagstar Bank – balance $100,000
Short Sale Offer: $375,000
Flagstar Cash Contribution: $5500 (from senior lien and buyer)
Time for Approval: Four months (it felt like six)
If you are considering selling your Fort Walton Beach Florida home as a short sale, it is best to hire an experienced Fort Walton Beach real estate agent.
Green Tree Servicing has approved the short sale on this home in Elliotts Point, Fort Walton Beach Florida. The odd thing about the approval was that Fannie Mae initially rejected the short sale because the seller was current on his payments, even though he had a hardship, as I wrote in "Current on Your Mortgage? Short Sale Denied!". He was told he could get 30 days behind, then resubmit the short sale package. He did so, and another 30 days later, the sale was approved!
My most recent approval was received this morning, approximately seven weeks from submission, from Washington Mutual. It was a very smooth transaction. Here is the summary:
Property: House in Fort Walton Beach Florida
Value and Offer: About $110,000
First Mortgage: CITI owed about $70,000
Second Mortgage: Washington Mutual owed about $90,000
Hardship: Medical
Package Submitted: August 13
Appraisal Ordered: September 3
Approval Email: September 30
Factors: First mortgage, Citi, was in collections, but not in a short sale position, since net was enough to cover full balance- so only needed approval from WAMU
Delays: Washington Mutual "lost" Letter of Authorization and "lost" part of the ahort sale package
Overall, this was a quick and mostly problem-free Fort Walton Beach short sale.
It's Wendy!