Last Updated on
Short sales are usually never quick or easy, but once in while one surprises you! Find out how these West Haven homeowners went from upside down and struggling, to mortgage debt-free in just 4 quick months!
After years of waiting fruitlessly for their home to appreciate so they could sell, my clients decided it was time to cut their losses.
The West Haven, Connecticut real estate market has been slow to recover. Despite waiting many years, they still owed more on the mortgage than their home could sell for and lacked the funds to make up the difference. Stuck with a home needing work, and struggling to stay ahead of their bills, they decided it was finally time to try a short sale.
The sellers had an FHA loan serviced by Chase Bank and owed tens of thousands more than the home was worth.
I anticipated a smooth short sale as FHA'S short sale process is pretty cut and dry. Our only complication arrived as Chase sold the loan to M&T bank just prior to a short sale approval letter being issued!
This usually causes a lengthy delay or even worse - having to start all over!
Short sale approval:
To our surprise, M&T Bank seamlessly transitioned the file and within weeks issued our short sale approval letter. The sale closed soon after with my delighted sellers being fully forgiven of over $40,000 of excess mortgage debt, and even given a $3,000 relocation assistance check!
I just finished my short sale and I would highly recommend Minna and her group. She was there for me throughout the entire process and she was always available to answer any questions I had and this kept me calm through the process.