Job Loss Allows Homeowner to Eliminate Debt
Job Loss Leads to Home Mortgage Default
Kelly W. had a lot of pride of ownership in his Puyallup, WA home, which he had carefully remodeled. Until he lost his job, he was never late on his home mortgage payments. In fact, he kept making his payments even after his unemployment ran out. However, it eventually became clear that he couldn’t keep up on his payments. In an effort to keep his home, Kelly approached his lender about a home loan modification.
Lender Declines Home Loan Modification
Kelly spent many hours gathering paperwork and working with his lender. He was hopeful that he would find a solution. Unfortunately, his mortgage lender declined the home loan modification.
Short Sale Allows Kelly to Avoid Foreclosure
Once the loan modification was denied, Kelly knew he would be unable to keep his home. Now his concern was protecting himself financially. His house was worth less than half of his home mortgage balance. After talking to Washington Property Solutions, Kelley understood that a short sale has a number of benefits over foreclosure. He was told that the hardship he had – job loss – qualified him for a short sale. Since he was underwater, it became clear that his only hope for avoiding foreclosure was to request that his lender approve a short sale.
Rushmore Loan Management Eliminates $156,500 in Home Mortgage Debt
Kelly decided to move forward, and Washington Property Solutions was able to successfully negotiate a short sale with their lender. Rushmore Loan Management agreed to accept a purchase price of $104,000 for the home and forgive the remaining $156,500 balance. More important for Kelly, the debt was permanently forgiven, so he will never have to worry about paying the shortfall. And Kelly paid nothing out of pocket to sell his home.
SHORT SALES RESULTS:
- Short Sale Approved by Two Lenders
- Home Mortgage Wiped Clean
- Full Satisfaction of $156,500 in Mortgage Debt
- 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
Benefits of a Short Sale Over Foreclosure
Short Sale FAQs
More Testimonials from Our Clients
Read More Puyallup, WA Short Sale Success Stories