Investors Savings Bank Short Sale Closed in West Caldwell NJ

Investors Savings Bank Short Sale Closed in West Caldwell NJ

We're pleased to announce another successful Investors Savings Bank Short Sale has closed, this one located in West Caldwell, NJ.

This two bedroom condo in the Sunnyfield Condo Complex was in good condition.  With a modern kitchen, remodeled bathroom, spacious living room and laundry hook ups in the unit, it was in high demand.

Investors Savings Bank Short Sale Dept. worked a little differently on this Short Sale.  It did not fall under the HAFA program, nor was it in FHA loan, so it did not fall under the HUD Pre-Foreclosure Sale Program.  This was an in house loan, with mortgage insurance (MI).  So we had to obtain approval from both the servicer (Investors Savings Bank) and the MI company.

Upon an initial review of the offer, the MI company was requesting a seller contribution and a promissory note.  The seller was in no financial position to contribute cash and had no ability to repay a promissory note.  After we protested these requests, they were dropped by the MI company.

From that point forward, it was as simple as getting the approval reduced to writing and scheduling a closing, which we were able to do less than two weeks later.  The seller walked away owing nothing, and the buyer got a great Sunnyfield Condo for an even better price.  

Another Investors Savings Bank Short Sale in the books, and we hope to close more over the rest of the year.

If you have a Investors Savings Bank mortgage, and would like to discussforeclosure alternatives, please
 contact me at (917) 518-7861 for a confidential consultation at no charge.