Ask the Short Sale Expert: Short Sale with Two Mortgages

Short Sale Myth: I have a second mortgage so I can’t do a short sale.

Short Sale Fact: We have successfully closed hundreds of short sales that have both first and second mortgages.

It’s true that having two mortgages does make a short sale more complex. Negotiating a short sale with one lender is a long and detailed process. That process is made even more complicated when there are two mortgages. Both lenders need to agree to the terms of the sale. As a result, negotiating with two lenders essentially doubles the work and time needed to make sure the sale is approved.

Despite the extra hurdles, we have an excellent track record of getting clients with two mortgages 100% of their debts forgiven. Here are a few examples of recent short sales we have successfully closed that involve clients with two home mortgages, totaling $1.9 Million mortgage debt forgiven and $16,000 HAFA cash relocation incentives.

Bankruptcy Results in Short Sale and Elimination of $500,900 from Two Home Mortgages

Bankruptcy left this Sammamish couple with $500,900 in home mortgage debt with Nationstar and PNC Bank, all which was permanently forgiven with a short sale.

Homeowners Have $290,700 in Debt Forgiven from Two Mortgages on Rental Property

This real estate investor was losing $30,000 a year on his Bainbridge Island rental property. Our short sale negotiation included Chase and Select Portfolio forgiving $290,700 in home mortgage debt.

Shellpoint and Republic Equity Credit Services Forgive $265,500 on Two Home Mortgages

When their small business went under, this Kirkland couple were able to do a short sale, eliminate all their home mortgage debt, and get a $10,000 cash incentive.

Two Home Mortgages with Wells Fargo Forgiven and $125,000 in Mortgage Debt Erased

Job relocation led to the short sale of this Lynnwood couple’s condo, and the total elimination of their remaining $125,000 in mortgage debt.

Chase and Select Portfolio Servicing Forgive $251,500 in Debt on Two Home Mortgages

After a divorce, this Covington couple were able to do a short sale and have the $251,500 balance on their two home mortgages completely forgiven.

Job Loss Results in Marysville Couple Getting $162,000 from Two Home Mortgages Cancelled

Out of work and underwater, this Marysville couple had $162,000 in two home mortgages from Ocwen and Chase wiped clean with a short sale.

Bank of America and Nationstar Forgive $135,500 on Two Home Mortgages

After job relocation forced a short sale, this Bellevue homeowner was able to have $135,500 in home mortgage debt forgiven with a short sale.

Homeowners in Pacific, WA Have Two Mortgages Wiped Clean with Short Sale

Serious illness and reduction in income force these homeowners to sell. As part of their short sale, CitiMortgage and Nationstar forgive $158,000 in home mortgage debt.

Bellevue Condo Short Sale Wipes Clean Two Mortgages Totaling $98,000

Job loss and job relocation force these homeowners to sell short their Bellevue condo. As part of their short sale, Bank of America and Fay Servicing forgive $98,000 in home mortgage debt. They were released from an $18,000 condo assessment and received a $10,000 HAFA cash incentive, as well.

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.

Call us at 425-381-2233, or email us
to schedule your no-cost, confidential, short sale consultation

, , , ,

Learn the 5 Things Not To Say in a Hardship Letter

Join our mailing list to receive the latest news and updates from our team of local Short Sale Experts.

You have Successfully Subscribed!