Yes, you can get a short sale approval with Vericrest and Flagstar on your Amalfi Coast Condo in Miramar Beach Florida!
The Destin Florida Amalfi condo was originally encumbered by a Carrington Mortgage as senior lien, and a Flagstar junior lien. The mortgage servicing was switched from Carrington to Vericrest last year, and the Flagstar servicing went to Strategic Recovery Group (SRG). The nuances of this Miramar Beach short sale provide some material to help you with future dealings with these companies:
Vericrest Financial. The good: Vericrest is one of those short sale lenders (servicers) who will assign a negotiator to you, and keep the same one on the file until the property is sold. So you could have a contract that doesn’t work out, and go directly to the same negotiator next time you get a new one. This saves a lot of time. Most short sale lenders (like Bank of America) require re-starting the entire short sale process, with new seller financials and hardship letter each time you submit a contract. Then you must wait for the file to be “assigned”. Not so with Vericrest. You get a “buddy” for the life of the short sale.
The bad: Vericrest has a not-so-fun “Agent Homework” worksheet that is eight pages long.
Strategic Recovery Group: The good: They answer the phone.
The bad: SRG tries to finagle settlements. For example, on this particular short sale, they doubled their settlement amount from $5,000 to $10,000, when they had previously approved $5,000. I faxed them their prior approval, and they reverted to the original amount. So keep good records.
This was one of those Miramar Beach Destin Florida short sales that dragged on and had to be sold a “few” times before getting final approval. We were finally able to settle with each lienholder for no deficiency. So the end result was a good one.
If you are considering short sale to avoid foreclosure, be sure to consult an attorney and an experienced Destin short sale agent. We can write your success story together.
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-487-9639 or local 850-650-7883 ext 204
Email Wendy: [email protected]