Another Successful Short Sale With Citi Mortgage.

Property:

3 bedroom 2.5 bath townhouse in Kissimmee Florida.

Hardship:

Investor owned property. Loss of income.

1st Mortgage with Citi Mortgage for 92,000. Agreed to accept $55,200 or 60% of the balance owed.

2nd Mortgage with Chase in the amount of $62,400. Agreed to accept $3,000 to release the lien and an additional $12,000 to release liabilty.

Seller contributed $1,700 to closing and $12,000 to the 2nd.

The transaction took 90 days from contract to closing.

Challenges:

Getting a squating tenant out on day of closing. I finally had to go over and put on the "ugly face" to make it happen.