Chase and Select Portfolio Forgive $290,700 in Mortgage Debt on Rental Property.
Real Estate Investor Losing Money on Rental Property
Investor Jonathan’s five bedroom rental property on Bainbridge Island was beautifully built and maintained, but he was losing $30,000 a year on the investment. There was no way that he could continue to sustain that kind of loss of income. He knew he needed to sell. But with two mortgages seriously underwater, he also knew he needed help.
Free Attorney Consultation Results in Short Sale
Washington Property Solutions provided Jonathan with a free real estate attorney consultation so he could determine the best course of action for his situation. For Jonathan, a short sale was the answer.
Chase and Select Portfolio Forgive $290,700 in Mortgage Debt
Jonathan owed over $700,000 on the home. He had two mortgages, a first mortgage with Select Portfolio Servicing for $631,200 and a second mortgage with Chase for $80,000. We were able to negotiate with both parties to approve a short sale. Select Portfolio agreed to accept $412,000, and Chase agreed to accept $8,500 from the short sale as full settlement of Jonathan’s debt. He was permanently released from ever having to pay the $290,700 shortfall.
SHORT SALES RESULTS:
- Short Sale Approved by Two Lenders
- Full Satisfaction of $219,200 in Debt on First Mortgage
- Full Satisfaction of $71,500 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
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 Short Sale Success Stories on Bainbridge Island