After Bankruptcy, Homeowner Gets $500,900 in Home Mortgage Debt Forgiven with Short Sale

Nationstar and PNC Bank Forgive 100% of Sammamish, WA Homeowner‘s Mortgage Debt

Home Short Sale in Sammamish, WA due to reduction in income, followed by bankruptcy
Richard was extremely helpful through a difficult short sale process. He and his team were always professional and responsive. I would recommend them to anyone going through a difficult short sale.
Kelli, Homeowner, Sammamish, WA

Loss of Business Leads to Bankruptcy

Life was going great for Kelli. She bought a beautiful home in Sammamish, WA, and then met a wonderful guy and got married. In 2007, Kelli and her husband opened their own business fixing and repairing classic vehicles. Then the financial crisis hit. The market for specialty vehicles evaporated, and in 2009 they closed their business. Kelli and her husband tried to make things work financially, but the loss of their business, income and assets finally forced them to file Chapter 7 bankruptcy.

Short Sale Has Benefits After Bankruptcy

The Sammamish house that was once Kelli’s largest asset became her largest liability. Kelli purchased the property in 2005 at the top of the market for $860,000. In 2010, the home’s value was assessed at $593,000. Kelli had two mortgages on the house, and the mortgage balances were far more than the value of her home.

After Kelli’s bankruptcy case was closed, her options were to let the home go into foreclosure or do a short sale. The couple’s reduction in income was a hardship that qualified them to do a short sale. They planned to buy a home again in the future, and they would be able to do so sooner if they chose a short sale instead of foreclosure. After missing multiple payments and leaving the home vacant for several years, Kelli and her husband decided to approach their lenders about a short sale.

Nationstar and PNC Bank Forgive $500,900 in Home Mortgage Debt

Having two mortgages makes a short sale much more complex and time-consuming. Each lender must agree to the terms of the short sale or it cannot proceed. Kelli owed $799,600 on her first mortgage with Nationstar, and $173,400 on her second mortgage with PNC Bank. She also had a utility lien of $1,085 that needed to be resolved before the short sale could move forward. Our negotiators were able to get both lenders to approve Kelli’s short sale, and due to Kelli’s bankruptcy discharge the results of the short sale were a full and final settlement of her mortgage balances. We were able to negotiate with the buyer and have them pay the utility lien. Kelli breathed a sigh of relief knowing that she will never have to pay the $500,900 mortgage shortfall that remained after the sale. There was no cost to Kelli for our service.


  • Short Sale Approved by Two Lenders
  • Two Home Mortgage Wiped Clean
  • Full Satisfaction of $500,900 in Mortgage Debt
  • $1,085 Utility Lien Resolved
  • Debt Permanently Forgiven

If you’re underwater on your home mortgage and need to sell, it’s essential to have the right broker advocating on your behalf. Short sales are complicated transactions. Working with a broker experienced specifically in the short sale process in Washington State ensures your sale will go smoothly.

Washington Property Solutions is the state’s leading short sale solution provider.

We offer a proven success rate, a team of seasoned Windermere short sale experts, and a depth of experience with lenders across the country that is unmatched. The bottom line: We get your home sold.

Call us at 425-381-2233, or email us
to schedule your no-cost, confidential, short sale consultation

Other helpful resources:

About Our Free Attorney Consultations
Information about the HAFA Program
The Benefits of a Short Sale Over Foreclosure
Short Sale FAQs
More Testimonials from Our Clients
Read More Sammamish, WA Short Sale Success Stories

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