Federal Way, WA Condo Owner Has $73,000 in Mortgage Debt Totally Forgiven with Short Sale

Green Tree Forgives All Debt; Condo Association Debt Also Eliminated.

Condo Short Sale in Federal Way

Job Relocation Forces Homeowner To Sell

Like a number of people, Ashley was underwater on her condo mortgage, owing more than her home was worth. If a homeowner doesn’t need to sell, and can afford to keep making their payments, that doesn’t present a problem. But when Ashley had to relocate for her work, she didn’t have an option – she needed to sell her condo.

Short Sale Avoids Foreclosure on Underwater Condo

Ashley was making a new start in a new city, and she wanted to avoid foreclosure. We outlined the benefits of a short sale over foreclosure, including the fact that the waiting period to qualify to buy a new home in the future may be shorter if you opt for a short sale. We also provided Ashley with a free real estate attorney consultation so she could evaluate all her options. Given her job relocation and underwater mortgage, she decided to proceed with a short sale.

Green Tree Forgives $73,000 of Mortgage Debt

Ashley owed $148,000 on her mortgage with Green Tree Servicing. We were able to negotiate with Green Tree to approve a short sale and accept the $75,000 in proceeds from the sale as full satisfaction of her debt. They permanently waived her of ever having to repay the $73,000 shortfall. Ashley paid nothing out-of-pocket.

$3,500 Homeowners Association Debt Forgiven

Ashley had also fallen behind on her Homeowners Association (HOA) fees. She owed the association $3,500, and the HOA had placed a lien on her property. We were able to negotiate with the HOA, and they agreed to wipe out the entire outstanding balance and remove the lien.

SHORT SALES RESULTS:

  • Short Sale Approved
  • Full Satisfaction of $73,000 in Mortgage Debt
  • Full Satisfaction of $3,500 in Outstanding HOA Fees
  • 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

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