A Connecticut MorEquity Short Sale Success

A Connecticut MorEquity Short Sale Success

Owed $210,000

Settled in FULL: $115,000

These Connecticut sellers called me in January of 2010. At their wits end, they knew they were between a rock and a hard place and desperately wanted to make the best of their situation. He had a loss of income. She was commuting 1.5 hours to work every day.

It was a struggle to make the payment every month and funds were running out.

The property went on the market at a fair price..or so we thought...Unfortunately we ended up chasing the market down for several months as the market fell apart far faster than anticipated. In April we secured a buyer.

MorEquity proved to be a breeze to work with ( as most small banks are) with a single person short sale department.

Our only trouble came when MorEquity demanded a $20,000 promissory note from my sellers. This was not feasible for my sellers and so with some effort the promissory note was negotiated away....onto closing...

OR NOT...By June the buyer had lost their loan and we were back to square one.

We managed to secure a new buyer rather quickly...and one that was able to close in 30 days.

July 29th the property CLOSED. The MorEquity debt was settled in FULL. My sellers now live less than 30 minutes away from work, and have finally moved on past the cloud that had hung over their head for the past several years.