HOME SALE CHALLENGE:
After relocating out of state for an employment opportunity, this Ansonia, CT homeowner found himself with over $70,000 of negative equity and unable to sell his home in a traditional sale. He rented out both sides of the duplex in order to try to keep covering the payments, but renting proved to be a challenge and he was still taking a loss. He realized a short sale was his only reasonable approach to exit the situation and settle the remaining debt.
REID REAL ESTATE GROUP APPROACH:
After some long hard times last year, OCWEN has come full circle and is once again one of the quickest and most efficient lenders to process short sales with. With a clear cut hardship and single lien with OCWEN, we expected a fairly smooth ride. The main challenge was selling a tenant occupied property, which can be very hard to show.
RESULTS:
Even though this tenant occupied home did prove to be difficult to show, it still took just 3 weeks until the property went under contract in a bidding war. As expected OCWEN quickly went to work on processing the short sale and a quick 7 weeks later our approval letter arrived. A few weeks later the home closed with the seller moving on with his life – without his troubling rental property and with mortgage debt of over $70,000 fully forgiven!
Last Updated on September 12, 2017 by Minna Reid