Public Service Credit Union Short Sale

There are many mortgage servicers in this industry. Public Service Credit Union is a smaller servicer which can be a double edged sword in the world of processing short sales. The positive aspect is that they are not as busy and review time frames can be expedited. The negative aspects are that smaller servicers may be more difficult to reach a desirable settlement agreement with. They are not as large as an entity so the losses will affect them on a greater scale therefore they will take more extreme measures to mitigate additional losses. For example they may want a larger percentage of their unpaid principle balance than what the big name banks are willing to walk away with. Also, many smaller servicers and credit unions do not participate in programs such as HAFA or waive the deficiency balance when a short sale is approved.

This can throw curve ball in a transaction if the homeowner is expecting to receive relocation incentive through the HAFA program. Public Service Credit Union does not participate in HAFA and does not waive a deficiency balance as they want the right to pursue the borrower after a short sale is complete. It is important to know the servicers guidelines ahead of time in order to know exactly what to expect during and after a short sale.

For assistance with a short sale with Public Service Credit Union or any bank, please fill out the form below.

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