Naugatuck CT Short Sale Success: Man sells home for $50k less than the mortgage amount and walks away debt free! - Reid Real Estate Group
November 8, 2018

Naugatuck CT Short Sale Success: Man sells home for $50k less than the mortgage amount and walks away debt free!

Like many others, this Naugatuck homeowner was forced to relocate for work and unable to sell his home for what he owed. He decided to rent out the home while he waited for the market to recover, but several years later he was tired of dealing with the headaches of being a landlord, and his home was still worth much less than what we owed on the mortgage amount.

house with debt photo

Our Naugatuck seller decided it was time to let go and cut his losses on the property with a short sale.

Short sales with some lenders can be unpredictable, but Wells Fargo is predictably terrible to work with 100% of the time, so at least there are no surprises! Once securing a buyer for the property we quickly submitted a short sale package. Wells Fargo proceeded to interview our client and process him for a loan modification, despite the client being both unqualified and uninterested in a ​one. After wasting several months on this forced loan modification attempt, we were able to finally get our file moved on to the short sale department!

Unfortunately by this time the buyer had worn out on patience and moved on. It took several more weeks to secure a new buyer. After starting over with our new buyer, Wells Fargo continued to fumble around. Confused negotiators passed the file around endlessly and at one point even attempted to interview our seller AGAIN for a new loan modification.

short sale approval stamp

​It took 3 more months until finally our short sale was approved! ​Nine months after his short sale journey began, our very relieved seller wal​kd away from his headache home with over $50,000 of mortgage debt fully forgiven in this Wells Fargo short sale success!

Minna Reid

Minna Reid is 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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