June 11, 2024

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fha short sale

Another Norcom short sale success!

FHA loan holders have been in some turbulent times lately, with many falling behind and  seeking help to avoid foreclosure.

FHA has responded by introducing a lot of new workout options including 40 year loan mods and streamline short sales.

When my clients job was eliminated he soon started falling behind on the mortgage on his new home, and found himself facing foreclosure. With all his equity gone, he soon decided that his best option was to cut his losses and attempt to short sell the home.

Getting on market!

The home went on market and received a ton of interest, which is to be expected in the current seller's market. A bidding war ensued, and we were able to get under contract quickly with the winning bidder.

Short sale approval and closing!

FHA is currently offering the Covid-19 Streamline short sale, which allows for a quicker short sale as the homeowner does not need to provide any financial documentation. Norcom quickly approved our FHA 1st position mortgage. CHFA (serviced by Capital for Change) soon followed on the second, and we were set to close!

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Closing soon followed with my seller walking away owing nothing!

Considering a short sale in CT and need help?

We've helped hundreds of CT homeowners move on from their over-mortgaged homes and we can help you!

Last Updated on June 11, 2024 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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