Short Sale With Two Lenders — US Bank & PHH Mortgage Short Sale Successfully Closed
Short sales with more than one lender are more complex. These two lender plus short sales tend to take longer for approval because you must meet each lenders unique short sale requirements, coordinate approval timelines and keep your buyer engaged during the entire process. This is no easy feat! People’s lives don’t stand still during the approval process, so it is not uncommon for sellers or buyers to encounter a change in circumstance during an extended approval process. So, a short sale that takes longer has its challenges.
This US Bank and PHH Mortgage short sale was no exception. Although ultimately we got everything that we needed for the short sale seller from both lenders, it did take time. In addition, the buyer used VA financing to purchase the home. Buying a short sale with a VA loan is also no easy feat either, however, I do have a good deal of experience with it and was able to coordinate it with the lenders for this very happy buyer. The rewards of closing this sale right next to the holidays (and by year end) were tremendous. We funded on Christmas Eve and closed the day after Christmas. Happy sellers, happy buyers, and happy real estate brokers, just in time for the holidays.
Before deciding whether to short sell your home, it is essential that you obtain legal and tax advice, and consult with an experienced local short sale agent. If you are considering a short sale of your Central Coast home and would like a complimentary short sale consultation, please call my office to schedule an in person meeting or a telephone consultation at (805) 878-9879.
Tni LeBlanc is an independent Real Estate Broker, Attorney, and Short Sale Agent. She has successfully completed short sales with Bank of America, Wells Fargo, CHASE , GMAC, Seterus, CitiMortgage, Green Tree Servicing, Specialized Loan Servicing, HomEq Servicing, Wachovia, Coast Hills Federal Credit Union, Select Portfolio Servicing, Fannie Mae, Freddie Mac, and others. She is a Certified Distressed Property Expert (CDPE), Short Sale and Foreclosure Resource (SFR) and Certified HAFA Specialist (CHS) serving California’s Santa Barbara and San Luis Obispo Counties.
* Nothing in this article is intended to solicit listings currently under contract with another broker. This article offers no legal or tax advice. Those considering a short sale are advised to consult with their own attorney for legal advice, and their tax professional for tax advice prior to entering into a short sale listing agreement. Tni LeBlanc and MInt properties are not affiliated or endorsed by any lender.
Copyright© 2012 Tni LeBlanc *Short Sale With Two Lenders — US Bank & PHH Mortgage Short Sale Successfully Closed*
