BECU Forgives $170,000 in Mortgage Debt.
Homeowner Finds Herself Deep Underwater and Unable to Pay Mortgage
Elaine bought her townhouse at the height of the real estate market in 2007. She had two mortgages with BECU, and as market prices started to fall from their peak, she soon found herself owing more than double on her mortgage than her home was worth. Then financial hardships caused her to fall behind on her payments. She soon realized that there was no way for her to catch up.
Short Sale Allows Homeowner to Avoid Foreclosure
Elaine contacted Washington Property Solutions and we outlined some of her options. In discussing the benefits of a short sale over foreclosure, she learned that the waiting period to qualify to buy a new home in the future may be shorter if you opt for a short sale. She decided to approach BECU about short selling her home.
BECU Writes Off $170,000 of Mortgage Debt
Elaine owed BECU $246,000 on her first mortgage and $64,000 on her second. Unlike many lenders, BECU always requires some payment by the homeowner as part of their short sale approval process. We were able to negotiate with BECU to approve a short sale and accept the $125,000 in proceeds from the sale as full settlement of the first mortgage. For the second mortgage, Elaine was only required to pay $15,000 of the $64,000 owed. A total of $170,000 in debt was forgiven and Elaine was released from ever having to pay any of the remaining balance.
SHORT SALES RESULTS:
- Short Sale Approved
- Full Satisfaction of $170,000 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
- The Benefits of a Short Sale Over Foreclosure
- Short Sale FAQs
- More Testimonials from Our Clients
- Read More Short Sale Success Stories in Bothell, WA