The Short Sale Process with Newrez
Newrez, (which is essentially the same entity as Shellpoint Mortgage Servicing, and also shares some serving agreements with PHH mortgage - now Onity) handles the default servicing for all three, and is usually where your short sale will end up being processed.
Newrez manages short sales on loans backed by government - FHA and VA, as well as Fannie Mae and Freddie Mac backed loans, and many portfolio loans such as jumbo loans, which all have specific guidelines as to how their short sales are processed.
Newrez is one of my favorite lenders to work short sales with as they are generally quick and efficient. Loss mitigation reps are responsive, and you can generally expect to get an approval within a month or two - which can far exceed other slower servicers.
Will you qualify for a short sale? Find out now!
What to expect from your short sale with Newrez:
Short Sale Timelines with Newrez
While I generally tell my sellers they can expect 4-5 months from the day they list their short sale home to the day they close on it, this usually includes about a 1-3 month period for the short sale approval process ( which begins after securing a buyer). Currently, Newrez is moving even faster and I would estimate the low end of that timeline.
Short Sale Documentation Requirements
Unless you qualify for a streamline short sale (see below), you will still need to gather all required documents.
Streamline Short Sales with Fannie Mae and Freddie Mac
If your loan is conventional and backed by Fannie Mae or Freddie Mac; and this is a sale of your primary residence, and you are 90 days+ behind with a credit score below 620, you will qualify for the streamline short sale program. This eliminates all the financial document requirements and greatly speeds and simplifies the short sale approval process.
FREE SHORT SALE SURVIVAL GUIDE!
A STEP BY STEP MANUAL FOR GETTING THROUGH THE SHORT SALE PROCESS!
Newrez Short Sale Review
Overall, a pretty smooth process!
RESPONSIVENESS
speed
SERVICE
Reid Real Estate Group has been specializing in helping sellers short sell in CT and FL since 2008! We've helped hundreds of homeowners move on from their over-mortgaged homes and on with their lives debt free, 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. Marcin with family."
M.R.
Last Updated on July 1, 2026 by Minna Reid
