JUST SOLD by PETER TESTA: Waterbury Townhome, Another Short Sale Success Story - 02/12/10 12:17 PM
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Does a Home Owner Really Need a Short Sale Expert to Assist in a Short Sale? (Part 5 of 5) - 02/09/10 12:21 AM
We believe that using a Real Estate Agent with experience in the short sale process is important.  If you are behind in your mortgage payments and in danger of losing your home, you need to get advice from the right people.  Many people say to contact your lender as soon as you fall behind in your mortgage payments.  Theoretically, that is good advice.  However, anyone who has tried contacting the lender to work out a payment plan or to request a short sale,  knows that this is not always practical.  Although many attorneys will handle a short sale for you many do not … (4 comments)

Will a Short Sale Application Prevent or Stop a Foreclosure Action? (Part 4 of 5) - 02/09/10 12:20 AM
Merely submitting a request for short sale approval will not stop a lender from starting or continuing with a foreclosure action.  Lenders take anywhere from two weeks to three months to make a decision on a short sale after all of the documentation is submitted.  Therefore, it is important to work with a Short Sale Expert who has the ability to follow court filings regarding your case & who can assist you with obtaining the correct legal advice on how to proceed should foreclosure action be commenced by the lender.
If you are in a situation that is preventing you from meeting your monthly … (0 comments)

What Are the Benefits of a Short Sale? (Part 3 of 5) - 02/09/10 12:19 AM
If approved by the lender in a timely manner, the following are some of the benefits of a properly performed short sale in Connecticut:
Avoid foreclosure.  The negative effect on one's credit, auction signs, deficiency judgments and other negative consequences of foreclosure may be avoided by the successful negotiation of a short sale.
Avoid bankruptcy.  Even when a homeowner is behind in mortgage payments and owes the lender more than the house is worth, a successful short sale could allow a homeowner to avoid filing for bankruptcy.
Eliminate the balance of any mortgage and home equity loan owed to the lender.  … (0 comments)

When Will A Lender Approve a Short Sale? (Part 2 of 5) - 02/09/10 12:18 AM
Although every lender has its own rules, a lender will generally approve a short sale request, if all of the following conditions are met:
The price requested by the owner for the short sale must be fair and represent the true market value of the property.  The lender will verify the market value by obtaining its own appraisal of the property, often referred to as a broker price opinion (BPO).  In other words, although lenders do not want to foreclose a homeowner's property, they also will not take much less than the property is worth.
The owner must not have the … (1 comments)

What is a Short Sale? (Part 1 of 5) - 02/09/10 12:16 AM

A short sale is the sale of real estate where the lender agrees to accept less than the amount owed on the mortgage as part of an agreed upon sale, instead of completing a foreclosure action of the property.  For example, if an owner owes $400,000.00 to the lender but can only sell the house for $380,000.00, a short sale would allow the owner to sell the property, pay all of his/her  closing costs and obtain a release of mortgage from the lender. 
If you are in a situation that is preventing you from meeting your monthly mortgage obligation we'd … (0 comments)

 
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Peter Testa

PETER TESTA

Brookfield, CT

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Nationwide Homes

Address: 158 Greenwood Avenue, Bethel, CT, 06801

Office Phone: (203) 442-3873

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