Job Loss, Reduction in Income and Serious Illness Allow Couple to Eliminate Debt
Job Loss, Reduction in Income and Serious Illness Lead to Home Mortgage Default
David and Melinda had planned to live in their Marysville, WA home forever. However, in 2008 during the middle of the economic crisis, David and Melinda got bad news. Melinda was laid off, and David’s work hours were cut. As if dealing with a serious reduction in income wasn’t hard enough, they were faced with an even more difficult hardship. Cancer. Their reduction in income combined with large medical expenses made it difficult for them to continue making their monthly home mortgage payments. David and Melinda were tired of struggling to make ends meet, so they decided to reach out to their lender and requested a home loan modification.
Lender Declines Home Loan Modification
David and Melinda spent hours gathering a large packet of financial information for a loan modification, and submitted all of the required documentation to Bank of America. Unfortunately, their mortgage lender declined the home loan modification.
Short Sale Offers Benefits Over Foreclosure
Since they were underwater on their home mortgage, it became clear that their only hope for avoiding foreclosure was to request that their lender approve a short sale. After talking to Washington Property Solutions, David and Melinda learned that a short sale has a number of benefits over foreclosure. They also learned that the hardships that they had encountered – job loss, reduction in income and serious illness – qualified them to request a short sale from their lender.
Bank of America Erases $160,500 in Home Mortgage Debt
David and Melinda decided to move forward and list their home. Washington Property Solutions soon found a buyer and was able to successfully negotiate a short sale with their lender. Bank of America agreed to accept $92,500 as final settlement of the $253,000 home mortgage balance David and Melinda owed. The debt was permanently forgiven, so they will never have to pay the $160,500 shortfall. And David and Melinda paid nothing out of pocket to sell their home.
SHORT SALES RESULTS:
- Short Sale Approved
- Home Mortgage Wiped Clean
- Full Satisfaction of $160,500 in Mortgage Debt
- Homeowner 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 Marysville, WA Short Sale Success Stories