After Job Loss, Chase and Ocwen Forgive $162,000 in Home Mortgage Debt;
Homeowners Receive $3000 Cash Incentive
Loss of Job Finds Homeowners Unable to Pay Two Home Mortgages
When Fawnda lost her job, she and her husband Jeff struggled to make ends meet. Soon they found themselves falling behind on their mortgage payments. They had two home mortgages, one with Ocwen and the other with Chase. They owed a total of $387,000 on their mortgages – far more than their Marysville, WA home was worth.
Short Sale Allows Marysville Homeowners to Avoid Foreclosure
While they knew they couldn’t afford to pay their mortgages, Fawnda and Jeff didn’t know what to do next. They did want to avoid foreclosure to minimize negative impact to their credit. They contacted Washington Property Solutions and we provided them with a free real estate attorney consultation so they could explore all the available options and determine any tax or credit implications. In the process, they found out that Fawnda’s job loss qualified as a short sale hardship. They decided to move forward with a short sale.
Ocwen and Chase Forgive 100% of Home Mortgage Debt
They owed $387,000 on their two mortgages. While a second mortgage greatly complicates the short sale process, we were able to successfully negotiate with both Ocwen Financial and Chase to approve a short sale and accept the $162,000 in proceeds as complete settlement of their mortgage debt. Fawnda and Jeff will never have to pay the remaining balance. And they paid nothing out-of-pocket throughout the entire process.
Homeowners Receives $3000 Check from HAFA
They also received a check for $3000 as part of the federal government’s Home Affordable Foreclosure Alternatives (HAFA) Program. HAFA provides cash incentives to encourage Marysville homeowners to do a short sale and avoid foreclosure. It can be spent however the homeowner likes.
SHORT SALES RESULTS:
- Short Sale Approved
- Full Satisfaction of $162,000 in Mortgage Debt on two mortgages
- Debt Permanently Forgiven
- $3000 Cash Incentive Paid to Homeowners
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 Marysville, WA Short Sale Success Stories