HOME SALE CHALLENGE:
Our Wallingford homeowner was ready to move on from his home but found himself owing more than the home was worth, with no way to pay the difference. He soon realized his best option to get out of the over-leveraged home was to pursue a short sale.
REID REAL ESTATE GROUP APPROACH:
Citibank is not currently one of my favorite lenders to work with as they are really having a hard time pulling their short sale processing together and tend to be unresponsive and slow. However, because there would be enough proceeds from a sale to satisfy the first loan in full, and shorting second mortgages is generally an easier process, I anticipated a fairly smooth ride despite the fact that that we were dealing with Citi.