A CT Provident Short Sale Success

Its always a good day when a short sale gets approved and my clients never miss a single a payment and they get to retain their excellent credit. 

Such was the case for this CT couple. When his job was moved to the midwest , my clients were forced to face the fact that they could not possibly sell their house without coming to closing with close to $60,000 that they unfortunately did not have. Renting the Enfield, CT property was not an option as this would have created a huge monthly loss that was unaffordable.

We priced the house aggressively and it was under contract within 2 weeks of going on market. Provident, as usual, proved to be a delight to work with. Our negotiator was reasonable, prompt and responsive. The only hitch was the Mortgage Insurance Company - MGIC. MGIC, as always, proved to be a huge pain. They originally demanded $11,000 and a $26,000 promissory note. Over a weeks worth of negotiations followed and MGIC agreed release for $2,000 and $5,000 promissory note, which was agreeable to my sellers.

Six weeks from the day the buyer was secured the short sale approval was in hand and we closed soon thereafter. My sellers moved to the midwest and with their credit intact and having settled their mortgage debt for pennies on the dollar.

OWED: $175,000

SETTLED: $116,000 from sales proceeds, $2,000 cash contribution and $5,000 promissory note from my sellers.