September 1, 2017


After many efforts to hold onto her upside-down home proved unsuccessful, this  Cheshire, CT home owner decided a short sale on the home was the only reasonable solution. Facing over $60,000 of negative equity, she decided a short sale was in her best interest to settle the debt and move on. 


TD Bank has a reputation for being a very difficult lender to work with and unfortunately this short sale involved two TD Bank portfolio loans. As the state’s leading short sale experts, here at Reid Real Estate Group we have plenty of experience working short sales with smaller lenders such as TD Bank. Lenders like this do tend to work quickly through their short sale process, however they generally do not participate in any formal short sale programs and instead make up their own rules. They are highly likely to request cash contributions or promissory notes from sellers in order to approve short sales and they are reluctant to grant full deficiency waivers.


The home went on market as a short sale and it took just 6 weeks to secure a strong buyer. As expected, TD Bank worked fairly quickly through the file and was ready to approve within a month.  As expected TD Bank originally neglected to grant a full deficiency waiver, but then quickly relented. The sale closed and in less than 4 months from the day her home went on market, our Cheshire seller moved on from her unaffordable home with full forgiveness of over $60,000 of mortgage debt!

Last Updated on September 12, 2017 by Minna Reid

About the author 

Minna Reid

Minna Reid is The Broker - Owner of Reid Real Estate Group. Reid Real Estate Group is a full-service Connecticut residential real estate brokerage, specializing in helping homeowners with legal and financial challenges including short sales, probate sales and tax lien complications.

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