Bank of America Forgives $111,000 in FHA Home Mortgage Debt after Black Diamond, WA Short Sale

Homeowners Pay Nothing Out of Pocket; Receive $750 Cash Incentive at Closing

Home Short Sale in Black Diamond, WA due to medical expenses and reduction in income
Richard and his team are aggressive, hard-working and honest. They truly were on it, and I am so thankful for the end results. They are all Super Bowl Champions!
Robert and Erica, Black Diamond, WA

Medical Expenses and Reduction in Income Lead to Mortgage Default

When Robert and Erika bought their Black Diamond, WA home, they thought it was the perfect place to raise their family. Robert’s sister lived next door, so they had built-in family. Everything was going well, and then they experienced a life changing event.

Robert and Erika’s youngest child was diagnosed with a rare autoimmune disease. There is no cure, but they were grateful to learn that it was treatable. Over the next three years, their son had multiple medical procedures to help manage the disease. Since his ability to fight viruses and infections was compromised, he was not able to go to daycare. As a result, Robert and Erika cut back on their work hours to care for their son at home. They tried to supplement their income with small side jobs, however they found themselves falling farther and farther behind financially.

Eventually, the medical expenses had depleted all their savings and they were unable to make their home mortgage payments. Robert and Erika knew that they needed to sell their home and find a more affordable place to live so they could focus on their son’s health. Unfortunately, they were significantly underwater on their home mortgage.

Financial and Medical Hardships Qualify Homeowners for Short Sale

Robert and Erika reached out to Washington Property Solutions to find out what kind of help was available. They really wanted to avoid going into foreclosure. When the couple found out that their son’s medical bills and their reduction in income were hardships that qualified them for a short sale, they decided to make a request to their lender.

Bank of America Permanently Eliminates $111,000 in FHA Home Mortgage Debt

Robert and Erika had an FHA mortgage loan through Bank of America. While the FHA makes it easier for a buyer to obtain a loan, they make it much more difficult to sell a home in a short sale. The FHA is a government agency, and their short sale approval process is much more complicated and time-consuming than a traditional short sale. Fortunately, Washington Property Solutions has extensive experience negotiating FHA short sales and were able to guide them through the entire process. Washington Property Solutions got the lender to approve the short sale. They also negotiated with the lender to accept the proceeds from the short sale as full payment of Robert and Erika’s remaining home mortgage debt. The $111,000 balance that they owed was eliminated and they will never have to pay it.

$750 Cash Incentive Helps Robert and Erika Get a New Start

Just getting out from under their mortgage was an enormous relief to Robert and Erika. However, they got a little extra bonus out of the deal. Once the sale closed, the FHA gave them a check for $750 for choosing a short sale over foreclosure. They can use the money however they like.

SHORT SALES RESULTS:

  • Short Sale Approved
  • Full Satisfaction of $111,000 in Home Mortgage Debt
  • Debt Permanently Forgiven
  • $750 Cash Incentive Paid to Underwater 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 Maple Valley, WA Short Sale Success Stories

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