Florida Freedom Mortgage short sale success!
Florida condo owners aren't having such a great time lately. Condo values are always the slowest to rise and quickest to fall, and with the market shift, condo values are tumbling down. Adding insult to injury, new storm requirements in Florida for condominiums have led to lots of unexpected new costs for condo owners, and sometimes astronomically rising HOA fees, especially for coastal condominiums.
My seller had only purchased her oceanside condo two years ago, but other units in the building were already selling for over 25% less than her purchase price. With a high mortgage payment and lots of new HOA assessments, the condo had simply become unaffordable. Rising costs with plummeting home values always leave homeowners considering their exit options, and it was time to cut her losses and move on with a short sale!
The trouble with Freedom Mortgage...
The lender, Freedom Mortgage, happens to be one of the most challenging lenders to work short sales with, often leading to a painstaking transaction. Freddie Mac, the investor on the loan is also one for the most difficult investors as far as short sales go. We expected a rough road ahead!
Getting the short sale approval!
To our great surprise, the process moved smoothly and seamlessly! A buyer was quickly secured and Freedom went right to work on the short sale! To our surprise a short sale approval letter arrived much quicker than expected, although Freddie Mac did remove most of the sellers relocation assistance ( which has been a common pattern for them lately). The seller still happily moved to close, and less than 3 months from the day her condo was listed, it closed with over $80,000 of bad mortgage debt forgiven and the seller walking away with a small incentive check to boot!
Upside down and wanting out of your Florida home?
We're the short sale experts! Free consultations available!
Last Updated on September 11, 2025 by Minna Reid