Health & Fitness
FHA Short Sale Success With Citimortgage in Middletown: Here's How
A story about a successful FHA real estate short sale in Middletown, CT with Citimortgage.
This particular client had contacted me after filing bankruptcy to short sale his Middletown home. As I've said many times before, bankruptcy usually does not get rid of your house, only the liability for the debt.
You still need to sell your property or the bank has to foreclose or accept a deed in lieu in order for you to not own it anymore. This client also was in active foreclosure, and the FHA short sale process works a little different when this is the case, but it is still possible to short sale your home after a bankruptcy and while in active foreclosure.
We had a few documentation issues on both sides of the deal. Citi kept losing documents on our end. On the buyers end, the IRS lost four pages of his tax return, and they were unable to provide tax transcripts to the buyer's lender, McCue Mortgage.
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Luckily, I was able to get an extension from Citimortgage so the buyer could resend his documentation to the IRS and we were able to close a couple weeks after the date we originally planned.
Here's the details:
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Sale price: $235,000
Closing costs allowed: $20,000
Net to CitiMortgage: $215,000
Total amount owed: $300,000
Forgiven debt (it was already wiped out in the bankruptcy anyway): $85,000
Why settle for less than 5 stars? Featured in Connecticut Magazine's March 2011 and March 2012 issues as a top real estate agent in overall satisfaction. Contact me for more information about attempting a short sale in Connecticut.
