Monday, April 26, 2010

Carrington Mortgage and Flagstar Bank Approve Fort Walton Beach Florida Short Sale



My most recent Fort Walton Beach short sale approval was like going through ten rounds in a boxing match. The senior lien, Carrington Mortgage, initially wanted the seller to pay a $150,000 promissory note, or about $450 per month, to cover the loss. The seller, having no income, said no. Carrington then dropped the request and asked for a cash contribution of $10,000. Again, the seller said no. After weeks of wrangling, Carrington settled for the contract proceeds without any promissory note or cash contribution, and approved the short sale. Flagstar Bank, the junior lien, received a small contribution from the buyer. Here is the summary:

Short Sale property: Single Family home in Fort Walton Beach Florida

Senior Lien: Carrington Mortgage – balance $570,000

Junior Lien: Flagstar Bank – balance $100,000

Short Sale Offer: $375,000

Flagstar Cash Contribution: $5500 (from senior lien and buyer)

Time for Approval: Four months (it felt like six)

If you are considering selling your Fort Walton Beach Florida home as a short sale, it is best to hire an experienced real estate agent.

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

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