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Short Sale Resources · Connecticut Homeowners
A short sale can stop foreclosure and help you restart your life.
If you owe more than your home is worth, or you can no longer keep up with the payments, you have more options than you may realize — and you are not alone. As a Certified Short Sale Expert (CSSE) with over four decades of Connecticut experience, Nick Mastrangelo guides homeowners through the short sale process and, in most cases, it costs you nothing out of pocket.
CSSE
Certified Short Sale Expert
40
Years Of Experience
$0*
Typical Cost To You
CSSE Certified Short Sale Expert
Talk to Nick.
No cost, no obligation, no pressure. In one conversation you'll understand your real options — and whether a short sale is the right way to stop foreclosure and move forward.
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Certified Short Sale Expertise
CSSE Certified Short Sale Expert
SFR® Short Sales & Foreclosure Resource
Five Star Short Sale Certified
40 Years Connecticut Experience
Short Sale Basics
What is a short sale, exactly?
A short sale is when your lender agrees to let you sell your home for less than the full balance owed on the mortgage — and accepts that amount as payoff. It's a way to leave a difficult situation on your terms, with a Certified Short Sale Expert handling the lender for you.
Why homeowners choose it.
- It stops the foreclosure clockA properly managed short sale can pause and ultimately resolve the foreclosure process, giving you a controlled exit instead of a forced one.
- It usually costs you nothing out of pocketIn an approved short sale, the lender typically pays the real estate commission and most closing costs from the sale proceeds — not you.
- It can protect your future creditMany homeowners find a short sale is viewed more favorably than a foreclosure, and you may become eligible for a new mortgage sooner. Ask a lender about your situation.
- It keeps you in controlYou choose to sell, you sign the contracts, and you work with a broker who answers to you — not a bank-driven process you can't influence.
- It's private and respectfulA short sale is handled like a normal home sale. There's no auction on the courthouse steps and no public spectacle.
Short Sale vs. Foreclosure
Two very different paths forward.
If the mortgage has become unmanageable, the choice usually isn't "keep the house or not." It's how you leave it. The difference matters for years afterward.
The Controlled Exit
Short Sale
- You stay in control — you choose to sell and sign the contracts
- Typically no commission or closing costs out of your pocket
- Often viewed more favorably than a foreclosure
- May make you eligible for a new mortgage sooner
- Handled privately, like any normal home sale
- Deficiency can often be negotiated away in the approval
The Forced Exit
Foreclosure
- The lender controls the timeline and the outcome
- Significant, lasting impact on your credit
- Becomes part of the public record
- Longer wait before you can finance another home
- Can carry the stress of a public legal process
- The lender may still pursue you for the shortfall
Please note: Credit impact, mortgage-eligibility timelines, and deficiency outcomes depend on your specific lender, loan program, and personal circumstances. This comparison is general and educational. Nick is a licensed real estate broker — not an attorney or tax advisor — and recommends you confirm the specifics with a qualified professional.
Seller Document Checklist
Everything your lender will ask for.
You don't need all of this ready to make the first call — we'll guide you through it. But here is the standard CSSE document checklist, so you know exactly what's coming.
Hardship LetterA short, honest explanation of what changed. We'll help you draft it.
Authorization FormLets Nick speak with your lender on your behalf — so you don't have to.
Financial WorksheetA simple snapshot of monthly income versus expenses. We provide it.
Pay Stubs (Last 2)Your two most recent pay stubs, or other proof of income.
Bank Statements (Last 2 Months)Recent statements for all of your accounts.
Tax Returns (Last 2 Years)To verify your income history for the lender.
Mortgage StatementYour most recent statement for the loan on the home.
HOA Statement (If Applicable)Only if your property is part of a homeowners association.
How we work together: Our job is to guide you through every step and take as much off your shoulders as possible. Your job is simple — get the home listed, return your documents quickly, keep the property available for showings, and always open and forward any letters from your lender. The faster we move together, the better the outcome.
Your Role In A Smooth Short Sale
A few simple do's and don'ts.
A short sale works best when we each do our part. Keep these in mind and the process moves faster, with far less stress.
Do
Help It Move Forward
- Get your home listed as early as possible
- Cooperate with showings and keep the home accessible
- Return document requests quickly
- Keep copies of everything you send
- Open every letter from your lender and forward it to us
Don't
Put The Sale At Risk
- Delay listing the home
- Overprice it — lenders want to see fair market pricing
- Ignore phone calls or letters
- Make large, unexplained deposits into your accounts
- Try to navigate the lender negotiation alone
Protect Yourself
Beware of foreclosure rescue scams.
When you fall behind on a mortgage, scammers see an opportunity. Foreclosure filings are public, so they know exactly who to target — often with official-looking letters, cold calls, or door-to-door visits. As Certified Short Sale Experts, we've seen these schemes again and again. The best protection is knowing the warning signs.
Guaranteed Promises
No one can guarantee they'll stop your foreclosure. Be wary of anyone who says "we guarantee we can stop it" or "we'll cut your payment in half."
Upfront Fees
Legitimate help doesn't start with a large upfront fee. Walk away from anyone demanding thousands in advance, or payment by cash, wire, or gift card.
Pressure Tactics
High-pressure lines like "you must sign today" or "don't talk to your bank, we'll handle it" are major red flags.
Deed or Title Transfer
Never sign over your deed or title "temporarily," and be deeply skeptical of any promise that you can simply "rent your home back."
Fake Legal Help
Be cautious of anyone claiming to be an attorney without a verifiable bar number, or giving legal advice without proper licensing.
Government Imposters
Watch for official-sounding names and fake HUD logos, or anyone claiming you must pay to join a "special government program."
Secret "Insider" Deals
No one has special connections with banks or judges. If they won't put the program details in writing, that's your answer.
The Bottom Line
Real solutions never require secrecy, upfront fees, or signing away your home. Stay alert, ask questions, and get everything in writing.
What To Do Instead
Where real help comes from.
- Talk directly to your lenderCommunication is your strongest tool. Don't avoid them — open the letters and respond.
- Get free help from a HUD-approved housing counselorGenuine counseling is available at no cost. Legitimate help never starts with pressure or upfront fees.
- Check with your state attorney general's officeThey can point you to licensed, legitimate foreclosure assistance in Connecticut.
- Report scams to the FTC or CFPBIf something feels wrong, report it to the Federal Trade Commission or the Consumer Financial Protection Bureau.
- Work with a Certified Short Sale Expert you can verifyYou can confirm Nick's credentials and reach him directly. No secrecy, no surprises — just straightforward guidance.
Why Homeowners Trust Nick
A Certified Short Sale Expert in your corner.
Certified Short Sale Expert.
The CSSE designation means short sales aren't a sideline — they're a specialty, backed by a proven process for getting difficult approvals across the finish line.
40 Years In Connecticut.
Four decades of experience across all 8 CT counties means Nick knows the lenders, the timelines, and exactly what it takes to get to "yes."
He Handles The Bank.
The hardest part of a short sale is the lender negotiation. Nick deals directly with loss-mitigation departments and junior lien holders so you don't have to.
Usually No Cost To You.
In an approved short sale, the lender typically pays the commission from the proceeds — meaning expert representation that generally costs you nothing out of pocket.
One Trusted Contact.
No call centers, no being passed around. You work with Nick and our team directly, and you always know where things stand.
Recognized Across CT.
Named the #1 REO team in Connecticut by The Wall Street Journal (RealTrends, 2021) — the same disciplined process behind every short sale we take on.
Homeowner FAQ
The questions homeowners ask first.
Will a short sale cost me anything?
In most approved short sales, no. The lender typically pays the real estate commission and most closing costs from the sale proceeds — so you generally get experienced representation at no out-of-pocket cost. Every file is different, so we'll confirm the specifics for your situation up front.
Why do we need to list the property first?
Because your lender won't begin reviewing a short sale until they see a real purchase offer. They also check how long the home has been on the market and whether you made a fair attempt to sell it. No listing, no short sale — getting your home listed is the single most important first step.
What happens if I don't send my documents on time?
Timing matters more than almost anything else. If documents come in late, the lender can stop reviewing your file and continue moving toward foreclosure. The faster you return paperwork, the more we can do to keep your short sale on track.
Do I still need to open letters from my lender?
Yes — always. Open every letter and forward it to us right away. Some require a quick response, and missing one can cost valuable time. You're never expected to handle them alone; just get them to us.
Do I have to be behind on my payments to qualify?
Not necessarily. Many lenders will consider a short sale based on imminent default — a documented hardship that will soon make your payments impossible — even if you're current today. The key is a genuine, demonstrable hardship.
How long does a short sale take?
It varies by lender, but many short sales come together over roughly 60 to 120 days once a qualified offer is in hand. A clean, complete CSSE document package — which is exactly what we build with you — is the single biggest factor in moving faster.
Will I still owe money after the short sale?
This is the deficiency question, and it's an important one. The difference between what you owed and what the home sells for can sometimes be pursued by the lender — but it can often be negotiated away as part of the approval. Nick pushes for a written deficiency waiver wherever possible. Because outcomes vary, we recommend you also speak with an attorney about your specific situation.
Are there tax consequences?
Sometimes. Forgiven mortgage debt can be treated as taxable income in certain cases, though exclusions may apply. This is genuinely a question for a qualified tax professional — Nick is happy to walk you through the general landscape, but tax advice should come from a CPA or tax advisor who knows your full picture.
I already received a foreclosure notice. Is it too late?
Often, no — homeowners can frequently still pursue a short sale if there's enough time before the scheduled sale date. But time is the variable that matters most, so the sooner you call, the more options stay open. You can also start on our Foreclosure Help page.
How do I get started?
With a single phone call. Reach Nick directly at (203) 641-2100 for a free, confidential consultation with a Certified Short Sale Expert. You'll come away knowing your real options — whether or not a short sale turns out to be right for you.
There's A Way Forward
One free, confidential call can change everything.
If foreclosure feels like it's closing in, talk to a Certified Short Sale Expert who has helped Connecticut homeowners through this for forty years. No cost. No obligation. Just a clear picture of your options.
(203) 641-2100
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