A Connecticut FHA short sale success with Norcom – sellers forgiven of over $100,000 of excess mortgage debt!
FHA short sales are always some of the most predictable. FHA has a fantastic short sale program that has some really great perks for sellers, such as full debt forgiveness and very clearly set guidelines.
A few years after purchasing their home, these home owners fell on hard times and were now facing foreclosure.
After many attempts to work things out with their lender without success, they finally decided to move forward with a short sale and leave the house behind.
The home needed a lot of work, and proved to be a tough sell. It took 6 weeks to secure a buyer and just a few weeks later the sale fell apart over inspection issues. It took a few more months and many price reductions to secure a new buyer.
Unfortunately more complications followed as there were several judgment liens to sort out. After several rounds back and forth with Norcom and the junior lienholders, we finally reached agreement on terms, and this FHA short sale was approved!
A few weeks later, the sale closed, with the sellers leaving their troubled house behind , and being fully forgiven of over $100,000 of excess mortgage debt!