Bellevue Condo Short Sale Wipes Clean Two Mortgages; Owners Receive $10,000 HAFA Cash Incentive

$98,000 in Home Mortgage Debt Forgiven

Condominium Short Sale in West Bellevue due to job loss and relocation
We are extremely satisfied with the level of service Richard Eastern provided us. We moved out-of-state and wanted a smooth sales transition. Richard provided us with all the information and kept us informed through the entire process. We would highly recommend his services.
Karen and Jens, Homeowners, Bellevue, WA

Job Loss Leads to Missed Mortgage Payments

When Jens lost his job, he and his wife Karen found it hard to make ends meet, especially since they had both a first and second mortgage on their condo. With a sharp reduction in their household income, they started missing mortgage payments.

The couple was proactive. They met with their lenders and requested a home loan modification. When Fay Servicing, the lender on their first mortgage, agreed to a loan modification, the couple was hopeful. That hope was dashed when Bank of America, their second mortgage holder, declined their request.

There was good news: Jens was offered a job. However, the position was in Hawaii, so they had to relocate. The couple needed to sell their home, but they owed more on their home than it was worth, so a traditional sale was out of the question.

Job Loss and Relocation Qualifies Couple for a Short Sale; Two Mortgages and Condo Assessment Complicated the Deal

Karen and Jens contacted Washington Property Solutions about a short sale. After a free attorney consultation, they got some good news. Their hardships – job loss and relocation – qualified them for a short sale. They also learned that a short sale has a number of benefits over foreclosure.

However, their sale was not going to be easy. As they learned with their home loan modification efforts, dealing with two mortgage lenders makes the process twice as difficult. Both Bank of America and Fay Servicing would have to approve their Bellevue condo short sale. To complicate matters further, the couple had an $18,000 assessment on their condo property for a new roof and siding. That assessment would have to be resolved before any lender would approve the sale. Karen and Jens just didn’t have the money. But, there was more good news: our negotiators love a challenge.

Bank of America and Fay Servicing Forgive $98,000 from Two Home Mortgages

The couple’s condo showed nicely. It was well-maintained and located in a desirable area. The assessment was a sticking point, but Washington Property Solutions was finally able to find a buyer willing to assume the $18,000 debt. With one hurdle eliminated, it was time to negotiate with the lenders. After lengthy negotiations, Bank of America and Fay Servicing approved the condo short sale. They also agreed to permanently forgive the outstanding $98,000 balance on their two home mortgages. Karen and Jens will never have to pay the shortfall, and they paid nothing out of pocket for our services.

$10,000 HAFA Cash Incentive Received

As an added bonus, Washington Property Solutions was able to qualify the couple for the federal government’s Home Affordable Foreclosure Alternatives (HAFA) Program. The program provides incentives for borrowers to do a short sale in order to avoid foreclosure. Karen and Jens received a $10,000 Cash Incentive from HAFA for completing their Bellevue condo short sale. The money can be used however they like.

BELLEVUE CONDO SHORT SALE RESULTS:

  • Short Sale Approved
  • Two Home Mortgages Wiped Clean
  • Full Satisfaction of $98,000 in Mortgage Debt
  • $18,000 Condo Assessment Resolved
  • $10,000 HAFA Cash Incentive Received

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 Short Sale Success Stories in Bellevue, WA

, , , , , ,