Okaloosa Island, Fort Walton Beach FL Short Sale Approved - Aurora Loan Services

This Blue Dolphin condo on Okaloosa Island Florida was just approved for short sale byAurora Loan Services. Blue Dolphin is a small gulf-front complex on Abalone Court, Fort Walton Beach FL.
              
The original loan amount was $604,000 in 2007. Today, market value is about $340,000. Aurora Loan Services was slow to approve this Okaloosa Island short sale. They were not familiar with short-term vacation rentals, and continually asked for proof of rental income and leases. Typical short-term rentals don't have standard leases, since they are only for a day or two at a time. They are really more like hotel reservations. After numerous faxes and requests for documentation (Aurora took a week at a time to "review" any fax), we finally were able to get a negotiator. The short sale was approved in about 90 days.
 
Here is the typical short sale approval language for Aurora Loan Services. Note the reference to1099-C for cancelled debt to be issued, as well as how Aurora reports to credit bureaus.  
         

 

If you are considering short sale to avoid foreclosure of your Okaloosa Island condo, be sure to contacted an experienced Fort Walton Beach short sale 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: [email protected]

Fort Walton Beach Short Sales & Pre Foreclosure Help.

 

Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner, to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County-  Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. 

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Comment by Wendy Rulnick on January 29, 2011 at 8:38am
Hi Larry - Since the investor representative to the borrower IS this servicer, I would consider it the approval from the investor as well as the servicer.

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