Wells Fargo Forgives $82,400 in Mortgage Debt on Rental Property.
Injury Forces Real Estate Investor Out of Work
Gary’s three bedroom rental property in Mill Creek was a great investment. The home was in great shape and he had a solid tenant. Then an injury forced Gary out of his job. With the job loss, his primary source of income was gone and debts began piling up. Gary knew he needed to sell his rental property. Unfortunately, he owed more than the house was worth. That’s when he turned to us.
Free Attorney Consultation Results in Short Sale
Washington Property Solutions set up a free real estate attorney consultation for Gary so he could talk through his options. He really wanted to avoid foreclosure. Fortunately, Gary’s job loss qualified as a short sale hardship, so he decided to approach his lender about doing a short sale.
Wells Fargo Forgives $82,400 in Mortgage Debt; Gary Avoids Foreclosure
The good news was Gary had just one mortgage, which simplified the short sale negotiations. The bad news was a tenant was living in the property, so we needed to find a short sale buyer who was willing to purchase the home and assume the lease.
We were able to negotiate with the lender, Wells Fargo, to approve a short sale and accept $274,000 in proceeds from the sale as full settlement of Gary’s $356,400 debt. He was permanently released from ever having to pay the $82,400 shortfall. And by strategically marketing to real estate investors, we were able to find a qualified short sale buyer who was interested in purchasing a renter-occupied short sale property.
SHORT SALES RESULTS:
- Short Sale Approved
- Full Satisfaction of $82,400 in Mortgage Debt
- Debt Permanently Forgiven
- Buyer-Landlord Found To Assume Existing Lease
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