Short Sale Success with a Newrez jumbo mortgage!
After losing their restaurant business over the Covid 19 years, this couple faced massive financial losses and fell behind on their Newrez mortgage payments and other debts. Now running out of time and facing foreclosure, they were referred to me for a short sale to avoid the looming foreclosure and attempt to settle their mortgage debts.
The Problem:
After coming out of forbearance and never being able to get back on track with their loan, the mortgage payoff amount had ballooned to over $1 million dollars on this jumbo loan with Newrez. Sadly, the home was now only worth about $750,000. In addition to the mortgage the sellers had multiple business loans and tax debts secured by the property, resulting in liens over $2 million dollars.
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The Solution:
We priced the home very aggressively as time was not on our side. With a looming foreclosure sale date it would be critical to get the home under contract quickly so we could start working with the lienholders on the short sale.
Sure enough a buyer was quickly secured and we went to work on the short sale approval with Newrez.
Jumbo loan short sales can be totally unpredictable as jumbo portfolio loans are not subject to mainstream short sale guidelines. Surprisingly, Newrez quickly went to work on the short sale, and delivered an approval letter with full debt forgiveness on the excess mortgage debt in just over a month.
The other lienholders were not as pleasant to work with. We spent several months negotiating with the sellers junior lienholders to get them to release the liens against the property, ultimately getting them to agree to release their liens clearing title for the sale.
With all the releases in place, we were able to close and these very relieved sellers walked away from their upside down loan, with over $300,000 of excess mortgage debt completely forgiven!
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Minna is, without a doubt, the VERY BEST OF THE BEST!! She is extremely knowledgeable, responsive, and efficient; there aren't enough superlative adjectives to describe how Excellent she is at her job! I have another house that I am selling and I wouldn't even think about hiring another Realtor/Broker - why would I, there is NO ONE better than Minna and her team !
J.S.
Last Updated on February 1, 2026 by Minna Reid
