Homeowners in Pacific, WA Have Two Mortgages Wiped Clean with Short Sale

CitiMortgage and Nationstar Forgive $158,000 in Mortgage Debt.

Home Short Sale in Pacific, WA

Serious Illness and Reduction in Income Force Homeowners To Sell

A serious illness and reduction in income took their toll on Brandon and Teri. With bills piling up and no apparent way out, they filed for Chapter 13 bankruptcy. As part of reorganizing their debt, they needed to get out from under their mortgage payments. They had two mortgages totaling more than twice as much as the value of their home. They were deeply underwater.

Free Attorney Consultation Brings Relief

With the bankruptcy in place, Brandon and Teri were overwhelmed with numerous financial decisions that needed to be made fairly quickly. To help with decisions regarding their home, Washington Property Solutions provided them with a free real estate attorney consultation so they could evaluate their options. The serious illness and reduction in income qualified as short sale hardships. They decided to request a short sale from their lender.

CitiMortgage and Nationstar Forgive $158,000 in Mortgage Debt

They had two mortgages, a first mortgage with Nationstar for $242,000 and a second mortgage with CitiMortgage for $50,000. We were able to negotiate with Nationstar to approve a short sale and accept $130,000 in proceeds from the sale as full and final settlement of their debt. CitiMortgage agreed to accept $4,000 as final settlement. Brandon and Teri were released from ever having to pay any of the remaining $158,000 balance.

However, since they had filed for bankruptcy, there was one more step in the process. The short sale had to be approved by the bankruptcy court as well. Our attorneys were able to successfully negotiate court approval of the short sale. There was no cost to Brandon and Teri for this service.

SHORT SALES RESULTS:

  • Short Sale Approved by Lenders and Bankruptcy Court
  • Full Satisfaction of $112,000 in Debt on First Mortgage
  • Full Satisfaction of $46,000 in Debt on Second Mortgage
  • 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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