HOME SALE CHALLENGE:
After an out of state relocation, these Torrington, CT homeowners decided that renting out their over-leveraged home was the solution to stay ahead on the mortgage payments of their old Connecticut home. Like many do, they quickly realized renting was simply not a viable long term solution and a short sale was the only way to cut ties with the old home and its $40,000 of negative equity.
REID REAL ESTATE GROUP APPROACH:
When we first listed the home the first mortgage on the home was a Fannie Mae backed loan being serviced by Bank of America - a notoriously difficult and slow lender to work short sales with. PNC in second position is not one of our favorite lenders either, however second mortgages have generally become much…