$265,600 Debt from Two Home Mortgages Wiped Clean
Economic Downturn Forces Home Sale
Jeanie B. and her husband owned a small residential construction business. When the economy took a turn for the worse a few years back, the construction industry suffered a steep decline. As a result, the couple experienced a significant reduction in income and soon were forced to close their business. Jeanie took a job as a caregiver, but her income didn’t come close to covering their bills. As they fell further and further behind on their mortgage payments, it became clear that they could no longer afford their home. To complicate matters, they owned substantially more on their home than it was worth, so a traditional sale was out of the question.
Reduction in Income Qualifies Couple for a Short Sale
When Jeanie contacted Washington Property Solutions, she knew that their situation was complicated. Not only were they significantly underwater, they had a second mortgage, and there was a $23,000 lien against their property for their share of a sewer line installed by the City of Kirkland.
Our free attorney consultation helped Jeanie and her husband understand all their options. They learned that a short sale has a number of benefits over foreclosure. The couple also discovered that their hardship – reduction in income – qualified them for a short sale. After consulting with us, they decided to move forward and request that their lenders approve a short sale.
Shellpoint and Republic Equity Credit Services Forgive $265,600 from Two Home Mortgages
Negotiating a short sale is very complex. That process is made even more complicated when there are two mortgages. Negotiating with two lenders is essentially doubling the work needed to make sure the sale is approved. The lien against Jeanie’s property added yet another hurdle.
It took Washington Property Solutions just seven days to find a buyer for the home. The buyer was so eager to close the deal that they readily agreed to pay off the $23,000 lien to the City of Kirkland. One of the barriers to closing the sale was eliminated. Washington Property Solutions then worked with the lenders, Shellpoint and Republic Equity Credit Services, to successfully negotiate a short sale on Jeanie’s behalf. The lenders agreed to accept the proceeds of the sale of the home and permanently forgive the $265,600 balance on their mortgages. The couple paid nothing out of pocket to sell their home.
$10,000 HAFA Cash Incentive Received
Jeanie and her husband were relieved to be out from under all their debt. They got an additional bonus as well. 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. Jeanie and her husband received a $10,000 Cash Incentive from HAFA for completing their short sale. The money can be used however they like.
SHORT SALES RESULTS:
- Short Sale Approved
- Two Home Mortgages Wiped Clean
- Full Satisfaction of $265,500 in Mortgage Debt
- $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 Kirkland, WA