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!

Contact Wendy Rulnick to sell your home as a short sale.