Lender Forgives $207,000 in Mortgage Debt; Homeowner Gets $3000 Cash Incentive.
Reduction in Income Causes Mortgage Default
Leyla’s two bedroom townhome in Tukwila was perfect for her. But when her job changed from full-time to part-time, the decrease in income made it impossible for her to continue making her mortgage payments. To make matters worse, the home was underwater.
Homeowner Chooses Short Sale to Avoid Foreclosure
Hoping to avoid foreclosure, Leyla contacted Washington Property Solutions. We provided a free consultation with a real estate attorney so she could understand her options and come up with the best solution for her situation. Leyla’s reduction in income qualified as a short sale hardship. She opted to pursue a short sale.
Lender Permanently Forgives $207,000 in Mortgage Debt; Homeowner Receives $3000 in Cash Incentives
Leyla owed $280,000 on her mortgage with Everhome Mortgage – about three times more than her townhome was worth. We were able to negotiate with Everhome to approve a short sale and accept $73,000 as full and final settlement of her $280,000 mortgage balance. They permanently waived her of ever having to repay the $207,000 shortfall.
There was more good news: Leyla received a check for $3000 as part of the federal government’s Home Affordable Foreclosure Alternatives (HAFA) Program. HAFA provides cash incentives to encourage homeowners to do a short sale and avoid foreclosure. It can be spent however the homeowner sees fit.
SHORT SALES RESULTS:
- Short Sale Approved
- Full Satisfaction of $207,000 in Mortgage Debt
- Debt Permanently Forgiven
- $3000 Cash Incentive Paid to Homeowner
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 Short Sale Success Stories in King County, WA