I received a call from these clients after they had been through the Connecticut judicial foreclosure mediation program. After months of going back and forth with Bank of America, it was finally decided that their only option left was to short sell their Windsor, CT home in a short sale.
This particular loan was serviced by Bank of America and Freddie Mac was the investor. We attained a contract in the first couple days on market and immediately initiated a short sale file in equator. Knowing exactly what Freddie likes to see in their short sale deals, we were able to sail quickly to a full approval of the deal and close it up in 3 months from list date to closing. Freddie Mac requested a promissory note and a cash contribution from the homeowner, but we are almost always able to make that request go away with a specific hardship request stating why the homeowner cannot make a contribution, and this deal was no exception.
Here’s the details of the sale:
Sale price - $70,000
Allowed closing costs - $6,000
Net to Bank of America - $64,000
Amount owed to Bank of America - $142,000
Deficiency forgiven - $78,000
Patrick
Why settle for less than 5 stars?
Featured in Connecticut Magazine's March 2011 and March 2012 issues as a top real estate agent in overall satisfaction. Contact me for more information about attempting a short sale in Connecticut.
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