HAFA Short Sale Approved and Closed in West Orange, NJ 07052

By
Real Estate Agent with Rosa Agency 9591451
http://actvra.in/BCP

We just closed on yet another HAFA Short Sale in West Orange NJ.  And this one was not easy!

 

West Orange NJ Short Sales

 

There were two short sale banks involved; the first mortgage was with GMAC, the second with Chase.  Nearly $400,000 was owed to the two short sale lien holders, so we had twice as much work to do to get this West Orange NJ short sale approved.

 

The Buyer of this West Orange mother-daughter originally offered $150,000, cash.  I had comparable sales to support this offer, but the valuation came in higher, so we had to dispute the value and negotiate with GMAC’s short sale department.

GMAC Short Sales

After several weeks of negotiating, the process came to a standstill.  Unwilling to give up, we escalated the issue to management until the file was re-assigned to a new short sale negotiator.  My buyer improved his offer to $170,000.  Finally, the GMAC short sale approval came in on this West Orange Short Sale.  The Buyer was happy, and the Seller was relieved, but there was still more work to be done.

 

 

We now had to seek approval from the second lien holder, Chase.  Since this was a HAFA Short Sale, the first lien holder (GMAC) offered the junior lien holder (Chase) 6% of the unpaid principal balance.  Luckily, Chase participates in the HAFA Short Sale Program, so we were able to get Chase’s Short Sale Approval as well (Note: You can check to see if your mortgage servicer participates in HAFA). 

Chase Short Sales

 

Getting this West Orange, NJ HAFA Short Sale approved was very rewarding for me.  My seller client got the financial relief she was looking for and got out from underneath her upside down mortgage on her West Orange, NJ home; she even got a $3,000 relocation assistance check at the closing to help her with her moving expenses.  And the buyer of this West Orange NJ Short Sale got a great home at a terrific price.

 

 

What’s not to like about HAFA Short Sales!?

 

If you have a question about HAFA Short Sales, feel free to call me at (917) 518-7861 or contact me via my website

Posted by

Contact Manny Rosa for More Information

Manuel J. RosaManuel J. RosaSFR, e-PRO, BPOR, CHS, CDPE
Owner/Broker
Devore-Rosa, LLC T/A Rosa Agency
18-20 Bloomfield Ave.
Belleville, NJ 07109
RosaAgencyRealtors@Gmail.com
Office: 973.751.1000 x. 529
Cell: 917.518.7861
Fax: 973.842.0837
Check out my new Website --> MannyRosaHomes.Com
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Rainmaker
908,043
Ronald DiLalla
Century 21 Discovery DRE 01813824 - Anaheim, CA
No. Orange Cty Real Estate

Hi Manuel,  congratulations on your closing....Persistance always pays off..

May 26, 2012 11:44 AM #1
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Manny Rosa

New Construction - Union & Essex Counties, NJ
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