CT short sale with Carrington Mortgage and CHFA
With covid forbearances ending, many CT homeowners are running into trouble trying to get back on track with their mortgages!
Years of skipping mortgage payments and and attempting loan workouts often leave homeowners with much larger loan balances, frequently erasing all their hard earned equity! Such was the case here. After years of struggles, including a payout from CHFA to catch up with Carrington, this owner owed more than twice the value of his house.
With a foreclosure law date weeks away, his only choice to avoid foreclosure was to attempt a short sale. Short sales with two or more lienholders can get complex, and an approaching law day looming didn't help.
Running out of time!
After years of financial struggles including multiples forbearances and a failed attempt to modify his loan, this CT homeowner was running out of time and headed to foreclosure!
Our first task was to get the lender to move the foreclosure law day so we had enough time to work out the short sales with both Carrington, and CHFA.
After successfully getting a judge to grant several more weeks, we went to work on the short sale!
A buyer was quickly secured, and we started the short sale process with Carrington. Carrington isn't known for speed or organization, but they faithfully moved the short sale along without too much resistance. A short sale approval letter was secured in weeks. Then it was time to work on the second mortgage with CHFA. While CHFA is usually very responsive, they require short sale approval letters from first mortgages in order to discuss a short sale on a junior lien.
With just weeks left until the law day, CHFA became difficult to work with, demanding more funds than the first would allow them. This is a common issue with with short sales with more than one loan, and usually requires a creative solution.
It took a few days to get the lenders on the same page about payoffs, but ultimately agreement was reached and just days later this short sale closed! A very happy seller walked away from his mortgage debts completely forgiven, and with a $3,000 relocation assistance check!
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I cannot honestly find the right words to express the amazing job that Minna, Jaime, and the entire group did for me. Making the decision to go through a short sale process is daunting, to say the least, but Minna and her team somehow found a way to take all of the stress out of it. From taking time during our initial conversation to explain all of the possibilities to seamlessly navigating through all the hoops with the lender, every step of the process was masterfully covered.
Overall, I could not be happier with my experience. To anyone looking for real estate expertise, whether it be standard or short sale, I would say that there is Reid Real Estate Group and then there is everybody else!
Last Updated on October 24, 2022 by Minna Reid