If you’re under water on your mortgage, Deirdre Virvo and Ed Zislis are the people you want to talk to. They help homeowners figure out what to do when they can’t afford to pay the bank.
Starting March 1, Deirdre and Ed will be holding information sessions every Tuesday at 7 p.m. at the YMCA of Norwalk. The subject -- short sales and how to avoid foreclosure.
CT Property Network, LLC, Ed and Deirdre’s company, works as an agent for homeowners who are in danger of losing their home because of non-payment of their mortgage. “We collect the clients’ financial information and obtain their authorization to talk to the bank,” says Ed. “Then we make the bank an offer and negotiate as if it were a normal sale,” adds Deirdre. If the bank accepts, the house is listed on the multiple listing service as a short sale. “Much of what we do is holding hands,” she adds.
In a short sale, the lending bank accepts an agreed amount in full payment of the mortgage note, even if this is less than is owed by the homeowner. When the home sells, the money goes to the bank -- and the homeowner walks away with his credit intact.
Sometimes Deirdre feels “like a social worker. A lot of people are in trouble,” she says. Some of her clients are homeowners who have lost their jobs, some are investors who can’t afford to keep up their properties. “In a divorce situation, the parties need to sell and maybe the house is worth less than they owe,” she explains. “We help them understand their options and what needs to be done so that they can move on with their lives.”
Deirdre Virvo has lived in Stamford for 32 years with her husband Alex, an inventor. Her three grown children were raised in town and attended the Stamford schools. “It’s a great town,” says Deirdre, though her work is now taking her all over the state – and beyond. “We’re very busy.”
Ed Zislis, who also works as a realtor with Keller Williams, is a more recent arrival to Stamford. “I was born in the Ukraine and moved here when I was a kid,” he says. Ed recently bought his own home in Stamford, gutted it and put it back together. “He did a fabulous job,” says his partner.
Do you know anyone in trouble with their mortgage? Tell them about the free class at Norwalk’s YMCA.