Job Relocation Prompts Bank of America to Forgive Mortgage Debt
Job Relocation and Inability to Find Renter Forces Short Sale
Gary and Lisa loved their Bonney Lake, WA property. It was the home where they raised their children. When the couple accepted a job opportunity out of town that required them to move, they were heartbroken at the thought of selling their home. In an effort to keep it, they rented it out and used the rental income to continue to make their home mortgage payments. Unfortunately, after just one year their tenants moved out.
Despite searching in earnest for new tenants, they were unable to keep the property rented. Gary and Lisa were now stuck with making two home mortgage payments. It soon became apparent that they couldn’t afford to maintain two households. Not only were they falling behind on their mortgage payments, but they were also underwater. Their home mortgage balance with Bank of America was $206,000 – much more than their home was worth.
Short Sale Allows Underwater Homeowners to Avoid Foreclosure
Gary and Lisa realized that they were going to lose their Bonney Lake home. They had already gotten a fresh start in a new city, and they really wanted to avoid the negative credit impact that comes with foreclosure. After talking to Washington Property Solutions, Gary and Lisa learned that their job relocation qualified as a short sale hardship. They decided to request a short sale from their lender. We helped them complete all the necessary paperwork, and Bank of America agreed to move forward.
Bank of America Erases $72,200 in Home Mortgage Debt
Washington Property Solutions marketed the property and soon found a buyer for their well-loved home. We then worked with their lender to successfully negotiate the short sale. Bank of America agreed to accept $133,800 as final settlement of the $206,000 home mortgage balance Gary and Lisa owed. Their debt was 100% forgiven. They paid nothing out of pocket, and will never have to repay the balance of the loan.
SHORT SALES RESULTS:
- Short Sale Approved
- Home Mortgage Wiped Clean
- Full Satisfaction of $72,200 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 Bonney Lake, WA Short Sale Success Stories