Another Waterbury CT Home Owner Avoids Foreclosure
While some parts of the country are experiencing a robust real estate market, that is not the case for many people in Central Connecticut Many home owners are still having difficulty in maintaining their mortgage payments and their alternatives to foreclosure may be limited.
The owner of this Waterbury CT residential property was having trying to renovate the home while living within the property. All was going well until a sequence of unfortunate events sent his life spiraling away. A medical condition and a work related injury put the owner into an extended care health facility. The combination of bills and piling debt put him into a sever underwater situation.
While in recovery at the facility, the home was vandalized and stripped of all the materials that were there to complete the home renovations.
The hardship of health issues which caused the excessive debt were sufficient for the home owner to seek a HAFA short sale.
The condition of the property made it a cash only sale and several offers were presented for the seller to select. All documents were promptly submitted to the loan servicer, which was Ocwen Financial Servicing acting as the servicing agent for the investor.
The bank sent out an appraiser with an acceptable value, but as were heading towards closing an additional snag was presented with a water lien on the property. The documents were re-submitted to the lender requesting relief for the secondary lien as well.
With a slight bit of delay, the lender agreed to pay the secondary lien and approvals were given to close no later than Nov 28, but we closed 48 hours after final approval was granted.
Under this HAFA short sale, there will be a a full waiver of deficiency for the seller, which means no obligation to repay the outstanding difference of the mortgage.
Short sales do work. If you are trying to avoid foreclosure in Central Connecticut and are in danger of losing your home, we can help. Call my cell at 203-206-0754 or email me for an appointment to sit down and discuss your problem.
Another Successfully Closed Waterbury Short Sale
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