Wells Fargo Forgives Two Home Mortgages Totaling $125,000 in Lynnwood, WA Condo Short Sale

Job Relocation Allows Couple to Wipe All Home Mortgage Debt Clean

Condo Short Sale in Lynnwood, WA due to job relocation

Job Relocation Adds to Financial Stress

Ben and Michelle had a condo they loved in Lynnwood, WA. However, in 2011 Ben’s workplace moved, and the job relocation increased his commute to nearly four hours per day. The grueling commute wasn’t just stressful, it also began to take a financial toll on the couple. Their gas expenses alone more than doubled to $450 a month. They considered public transportation, but that meant the daily commute would be over five hours.

Relo Finally Leads to Home Mortgage Default of Underwater Homeowners

Ben and Michelle’s other monthly expenses had also ballooned. Since purchasing their home, their monthly homeowners association (HOA) fee had increased by 58 percent. They also had two home mortgage loans with Wells Fargo, a standard loan and a home equity line of credit (HELOC). After several years, it finally became clear to Ben and Michelle that they needed to move closer to their workplace. The travel expenses were depleting their resources, and they couldn’t afford to continue to pay their mortgages. And on top of it, they were underwater, owing far more on their two home mortgages than their condo was worth. Ben and Michelle made the tough decision to sell their condo and find a home closer to their jobs.

Job Relocation Qualifies Homeowners for Short Sale

Ben and Michelle contacted Washington Property Solutions and were given a full explanation of their options. Since they were underwater on their home mortgages and needed to sell, a short sale was a possibility. They wanted to preserve their credit as much as was possible. Ben and Michelle discovered the benefits that a short sale has over foreclosure, including less impact on their credit score. They also learned that job relocation was a hardship that qualified them to request a short sale from their lender. They decided to move forward with the request.

Wells Fargo Forgives $125,000 in Home Mortgage Debt

Having two mortgages makes a short sale much more complicated, but the good news in this case was both mortgages were with a single lender. Ben and Michelle owed $243,000 on their first mortgage with Wells Fargo, and $67,000 on their HELOC. We were able to successfully negotiate with the lender to approve a short sale. Wells Fargo agreed to accept the proceeds from the short sale as full and final settlement of their mortgage balance. They permanently waived Ben and Michelle of ever having to repay the $125,000 shortfall. And Ben and Michelle paid nothing out of pocket to sell their home.

SHORT SALES RESULTS:

  • Short Sale Approved
  • Two Home Mortgages Wiped Clean
  • Full Satisfaction of $125,000 in Home 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 Lynnwood, WA Short Sale Success Stories

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