HOME SALE CHALLENGE:
After many years of trying to work out a loan modification with their lender unsuccessfully, this Middletown, CT couple decided the only way to move on from their home and avoid foreclosure was with a short sale on his SLS (Specialized Loan Servicing) Mortgage.
REID REAL ESTATE GROUP APPROACH:
Having worked with many of the smaller lenders including SLS, we anticipated a fairly smooth transaction as only the second lien holder needed to take a loss and the first would be paid in full. This situation can be one of the easiest to resolve as long as there is sufficient proceeds to not only pay off the first in full, but enough left over to settle successfully with the second and pay off all the costs of sale.
It took 6 months in the never ending Connecticut snowfall season to get the Middletown home under contract. As anticipated, SLS was a breeze to work with and needed just 6 weeks to approve a small settlement payoff for their underwater second mortgage, and a month later this Middletown, CT short sale closed!
Last Updated on September 12, 2017 by Minna Reid