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        <title>Minna Reid's Blog</title>
        <link>http://www.homesbyminna.com/blog/provident/</link>
        <description>The Blog of Minna Reid, CT Realtor, short sale specialist. All about real estate and short sales in Connecticut from Minna Reid - CT's #1 Short Sale Realtor.</description>
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            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>A CT Provident Short Sale Success</title>
            <description> <![CDATA[ 
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. 
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            <pubDate>Mon, 02 Jan 2012 08:46:04 -0600</pubDate>
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            <link>http://www.homesbyminna.com/blog/a-ct-short-sale-success-with-provident-and-citimortgage.html</link>
            <author>minnareid@gmail.com (Minna Reid)</author>
            <title>A CT short sale success with Provident and Citimortgage</title>
            <description> <![CDATA[ 
Out of all the lenders I work with, Provident lands towards the top of my list of favorites.


When this Manchester, CT seller first called me, I had never even heard of Provident and feared for the worst. Smaller lenders can be be very disorganized and difficult to work with, however Provident proved to be the opposite. We did face a few delays though. First the property proved to be a tougher sell than I imagined...the market here in CT seems to be declining at a tremendous pace and sometimes it is simply hard to keep up. Second - my seller committed the cardinal sin of short sales - not providing documentation in a prompt fashion !!!!!.


If there's one thing you can do to help yourself as a CT short seller - it is to get all your documents in order quickly and keep your CT short sale Realtor updated with current docs!


Once provided with a full set of documentation, Provident quickly ordered a BPO and within a few weeks we had an approval. Citimortgage, another one of my favorite short sale lenders followed quickly behind with an approval of their own and this short sale closed soon thereafter.


OWED:


First mortgage with Provident: $90,000


Second mortgage with Citimortgage: $42,000


SOLD:  


Approved and closed: $64,000


 


 


 
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            <pubDate>Mon, 19 Dec 2011 13:11:57 -0600</pubDate>
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