Started by Tony Morales. Last reply by Brett Goldsmith Jan 29, 2018. 1 Reply 0 Likes
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Has anyone recently worked a short sale with Carrington Mortgage? I just got approval on one and it was super quick and simple with no financials required. The frustrating thing is they are reducing the commission to 5%. You don't see the commissions reduced as much now so it's frustrating when this happens. I guess it must be the payoff for an easy short sale.
Petra You COULD counter back...it's a coin toss...their investor on the huge portfolio they bought from Citi is a division of Carrington...so it is a private investor..which means they do NOT have to abide by Fannie or Freddie guidelines..they can write their own.....sooooooo they don't have to give you the 6%. It depends on how much they are netting on the sale...and remember, any lender/servicer/investor is a COLLECTOR of a debt...sooooooooo they are looking out for their bottom line...not yours... each short sale is different. I 've had some stay at what I asked for and others change...go figure! LOL There were reasons for not cutting my nose off to spite my face so to speak... which I can't go into here....so it worked for me, since I had others in the works.
Here is an update on my Carrington negotiation. Sheyenne is right no HAFA but they allow incentive to seller. Short Sale approved within a week after submitting Contract for sale and purchase, Listing Agreement, buyer pre-approval/proof of funds, MLS sheet, and copy of EMD check. They allow for buyer's closing cost assistance however it was less than 3% and they lowered commission by 1% even though both sides are represented by different brokerage firms. Has anyone experienced the same thing? Have you countered back on the commission reduction?
Thank you Sheyenne for the information. I am trying to find out about Carrington as much as I can since my client's file was just transferred yesterday after listing their home just last week. I don't have a contract yet to submit. Any contact info and/or their short sale package you can provide is much appreciated. I had this happen not just long ago with Aurora to Nationstar, did the loan number remained the same or did it change?
Hi Petra! I see your question about HAFA with Carrington.... Carrington will NOT do HAFA short sales... well, let me clarify that. I just closed with Carrington...my file was originally with CITI also on the 1st and 2nd...then it was sold to Carrington, who became the new servicer legally as of July 21st, 2012. That was a sat, sun was July 22nd...I spoke to them monday and tues and on tues July 24th, we got approval and proceeded and closed in August. Since this loan was a non performing pool of assets that were sold to Carrington from Citi...the investor on these files is a PRIVATE INVESTOR who does NOT have to participate in the HAFA program. Any time you want to do a HAFA, it doesn't matter if the servicer participates in HAFA...you have to find out right away if the INVESTOR participates. If not, months will be wasted in HAFA for nothing. Why do you want to do HAFA? Please don't say for the $3000 relocation assistance...if you have a 2nd lien holder, you would need to also research if THEY participate in HAFA, for if they are a collection company or a non participant...they will decline HAFA also, and you've just wasted tons of time in HAFA on the 1st for nothing. You can put the relocation funds on your HUD and see if the 1st will approve...etc...There are ways to get some funds for the sellers without wasting months in HAFA...and they are all legal. Hope this helps you avoid the HAFA trap...but call your contact at Carrington and ask right away if they or the investor participates in HAFA.....I GUARANTEE you they will say no... hope this helps..
Does anyone in this forum had success for HAFA Carrington short sale. File just transfered from Citi to Carrington
I see there has been no activity here for 2 years...anyone out there working with this servicer? If so what is their track record today?...
We actually just closed our last with Carrington last month. Other than denying the HAFA benefits, it went fine...
Thank you! I'm assuming you have a short in with them now...how is it going for you?
Document everything, They will approve reasonable offers, but they come up with tons of reasons to deny HAFA incentives.
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