Mortgage Debt Totally Wiped Clean; Homeowners Receive $1000 Cash Incentive
Job Loss and Medical Expenses Force Underwater Home Sale
Kim and Ashley had poured a lot of work into remodeling their Seattle rambler, and it really felt like home. Then Ashley lost her job. With the loss of income and added stress of large medical bills, Kim and Ashley finally realized that they could no longer afford to make their mortgage payments. They also owed significantly more on their mortgage than their house was worth. That’s when they contacted Washington Property Solutions. After a free consultation with our attorneys to weigh their options, Kim and Ashley decided to pursue a short sale.
FHA Loan Complicates Short Sale Process
Kim and Ashley had just one mortgage with Wells Fargo, but it was an FHA loan. While negotiating any short sale is complicated and time-consuming, negotiating with a government agency adds yet another level of bureaucracy. There are additional rules and regulations governing an FHA short sale, which means significantly more paperwork and significantly more time required to complete the transaction. That lengthy timeframe makes it difficult to find a buyer willing to wait out the process.
Wells Fargo Forgives $92,000 in Debt
Kim and Ashley owed $282,000 on their mortgage, far more than their home was worth. We were able to get Wells Fargo to agree to a sale price of $210,000. We also found a buyer willing to wait out the lengthy FHA short sale process. With the buyer and selling price resolved, we then negotiated with Wells Fargo to accept $190,000 in proceeds from the sale and release Kim and Ashley from the remaining $92,000 of debt. They would never have to pay any of that balance, and they paid nothing out-of-pocket for our service.
Homeowners Receive $1000 in Cash Incentives
In addition to having their debt totally forgiven, Kim and Ashley also received a cash incentive check for $1000 from the FHA for successfully completing a short sale. It can be spent however they see fit.
SHORT SALES RESULTS:
- Short Sale Approved
- Full Satisfaction of $92,000 in Mortgage Debt
- Debt Permanently Forgiven
- $1000 Cash Incentive Paid to Homeowners
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 Seattle, WA Short Sale Success Stories