SunTrust and USAA Forgive 100% of Debt on Two Home Mortgages
Financial Stress of Divorce Forces Underwater Homeowner to Sell
For Caroline, their spacious home in Tacoma, WA had been a great place to raise her four children. As an international flight attendant based on the East Coast, she always looked forward to coming home from her cross-country commute. After she and her husband divorced, her parents stepped in to take care of the kids while she was away at work so they could keep their family home. While the schedule was hectic, Caroline thought she’d be able to make things work financially. Then her parents decided to move out of state.
With the loss of full-time childcare, Caroline realized that she no longer had the flexibility to commute to the East Coast to work full-time. She had to drastically reduce her schedule. As a result, Caroline’s income dropped substantially at the same time she was facing the significant cost of childcare for four small children.
In an effort to keep her home, Caroline began dipping into her savings. Her nest egg was soon depleted, and Caroline found herself unable to make her monthly home mortgage payments. She knew she needed to relocate her family to the East Coast so she could resume full-time work. She just didn’t know what to do with her house. A traditional home sale wasn’t an option, because Caroline was underwater. She had two home mortgages and owed significantly more on her mortgages than her home was worth.
Divorce Qualifies Caroline for a Short Sale and Avoids Foreclosure
Caroline contacted Washington Property Solutions to find out her options. Since she would be getting a fresh start in a new state, Caroline wanted to avoid going into foreclosure. A short sale was an option, and when she discovered that that her divorce qualified her for a short sale, she decided to make a request to her lender.
SunTrust and USAA Forgive $195,800 in Home Mortgage Debt
A short sale with two home mortgages is always complicated, particularly if they are with different lenders. It essentially doubles the process. You need to get two home appraisals, meet the individual short sale criteria for two different entities, fill out two sets of paperwork, and negotiate an acceptable agreement with two sets of lenders. The good news is that Washington Property Solutions was able to get both SunTrust and USAA to approve Caroline’s short sale. In addition, they both agreed to accept the proceeds from the sale as full payment of Caroline’s home mortgage debt and wipe the balance clean. That meant that Caroline will never have to pay the $195,800 in forgiven debt. Once the short sale closed, Caroline and her children moved to the East Coast where she could resume full-time work. With her home mortgage debt erased, Caroline could start rebuilding her financial reserves.
SHORT SALES RESULTS:
- Short Sale Approved
- Two Home Mortgages Eliminated
- Full Satisfaction of $195,800 in Home Mortgage Debt
- 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 Tacoma, WA Short Sale Success Stories