Failed forbearance leads to a short sale success with SPS!

October

12

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forbearance ending options

Forbearance isn't always the answer!

Many Florida homeowners signed up for the Covid 19 forbearances that were widely offered during the shutdowns. But free rides don't last forever, and eventually it always comes time to pay the piper!

As their Covid forbearance came to an end, these homeowners decided to review their options. After several workouts with their lender, their mortgage balance had grown tremendously and they now lacked the equity to sell traditionally. Also lacking the funds to keep up with their new payment, they decided to cut their losses and pursue a short sale.

Short sales with SPS:

Short sales allow homeowners with negative equity to sell their homes for less than is owed on the mortgage. In this case SPS (Select Portfolio Servicing) held the mortgage to the home. SPS can be challenging to work short sales with as they are highly unorganized and generally slow moving.

Getting the sale approved and closed!

The home went under contract quickly in a hot seller's market. That's when our troubles with SPS began. Missing documents, unresponsive negotiators and processing delays followed. It took 5 months of relentless pushing until finally this SPS short sale was approved!

The sale closed soon after, with my very relieved sellers walking away from their upside down home with tens of thousands of dollars of excess mortgage debt fully forgiven in this SPS short sale success!

Short sales can be complex transactions and require specialized help. We've been specializing in short sales for over 15 years! We've helped hundreds of homeowners move on to the next chapter, and we can help you! 

Minna was the best thing that happened to us in a very long time. We’ve been planning on moving from on house and on with our lives and the house was simply an anchor. We’ve had two liens on the house that would take a long time to cure and we were forced to sell the house to settle with the bank. I’ve looked around for someone who specializes in short sales, not just an agent that did 2-3. The process took a while, but Minna was super persistent, and her strategic approach was close to none. We have lost two buyers, got a push backs from the back and lean holders and she was able to stay on top of it and at the same time, she kept us afloat emotionally. Because of her, we were able to leave CT and move to FL where we are currently waiting for our new place. Warm thank you to Minna and her team for doing what they do best!

M.R.

Last Updated on October 12, 2023 by Minna Reid

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