I just completed a short sale on my own home due to relocation. Mortgage balance was 300K and bank accepted sale at 240K minus 15K realtor fees. I was never behind on payments including up until approval and my home needed no repairs at all. From reading all the posts and comments, this seems highly unusual. Any thoughts/comments?
All that and the lender paid a full 6% commission? Nice going. Do you mind telling me where the proerty was located? State and County only please. My guess is that you are in the rust belt- Penn, Ohio, KY, IN, MI, IL?
I forgot to mention that the realtor commission was reduced to 5%. The property was actually located in the Mid-Atlantic, Culpeper County, VA.
Is there some sort of economic slowdown in Culpepper? If there is, it’s not famous yet. All the better for you, good work.
Who was the lender that cut this deal for you?
How sevre was your hardship?
Who did you sell to? an end-user? did they obtain institutional financing?
Sorry for the questions, I’m just trying to figure this out.
The lender was EMC mortgage and they were a pain to deal with, but it got done and that’s the good part. I had to carry double payments for a few months with help from new employer. The employer help was only going to last two months and everything timing wise worked out great. My wife wasn’t working and I explained all that in the hardship letter and I couldn’t carry two payments (apartment + house) and it was in their best interest to work with me before things got out of hand. I sold to an owner/occupant with conventional financing.
EMC has a history of being fairly responsive with regard to loss mit stuff, this is news to me regarding short sales. They are influenced by Litton which is a very cutting edge servicor. Thanks for the insight.