This home in the Port Dixie neighborhood Shalimar Florida has been approved for short sale. There were two mortgages, Seterus(formerly LBPS), and CCO Mortgage for a total encumbrance of about $227,000. 

Senior Lien:  Seterus
Balance:  $190,000
Junior Lien: CCO
Balance: $37,000
Property Value: $140,000

This short sale was approved by Seterus in just four weeks. They allowed 6% of the junior lien balance to be paid to CCO. CCO took 120 days to approve the sale. Their reason for the delay was understaffing.  They required the seller to make a payment prior to closing.  Both lenders issued a full waiver of deficiency.  After approving the short sale, Seterus changed the locks on the house anyway.  This required a counter-lock change to give buyers access to do their home inspections.  All in a day’s work.

If you are considering short sale to avoid foreclosure, contact a Shalimar short sale agent.  We can write your success story together.

It’s Wendy!

The post Port Dixie, Shalimar Florida Short Sale Approved – Seterus and CCO first appeared on Rulnick Realty.