Case Studies

Citi/Chase Short Sale Case Study:

Property Location: Kirkland, WA - King County

1st Lender: Citi

2nd Lender: Chase

Hardship:
“We have had some setbacks in our lives over the past few years, that have resulted in our becoming delinquent on our mortgage for our home.

“Our sources of income are from my wife’s job as a mortgage representative and from mine as a financial analyst. My wife’s income was primarily derived from mortgages on the purchase of new and pre-owned homes; this activity has slowed to a crawl in the markets she’s been active in. Her income so far this year has only been about $8,000, a fraction of what she made prior to 2008. I am paid hourly, but this year due to a decline in overtime hours my wages are down by about 10%. The combined effect of this has resulted in a decline of over 50% in our income.

“In addition, my sister (who lived back East) was diagnosed with terminal lung cancer in the summer of 2009. She succumbed to the disease this year. Over the course of the 2nd half of 2009 and first 4 months of 2010 we incurred about $10,000 in out-of-pocket costs to help with her care.

“Unfortunately, the prospects for improvement in our income situation do not appear good.”

1st Loan Balance: $416,640

2nd Loan Balance: $184,240

Sales Price: $459,950

Approved Commissions: 6%

1st Loan Approved Net Proceeds: $395,352

2nd Loan Approved Net Proceeds: $6,000

Timeline:
On February 22, 2011, a signed offer to purchase the home for $430,000 was received. On March 4, the completed short sale package was submitted to both lenders. While this package was under review, on March 29, 2011, a higher offer to purchase the home for $449,950 was received. On April 8, Seattle Short Sales, Inc., resubmitted the short sale package to the lenders with the higher offer.

On April 12, Citi as 1st lender rejected the first offer, indicating that it was not enough to provide their investor’s (Fannie Mae’s) minimum approved net proceeds of $436,600 - which they indicated was “non-negotiable.” The Seattle Short Sales, Inc., replied to them, indicating that the case had already been resubmitted with the new, higher offer and requesting that they review it.

Then Citi’s negotiator indicated that their investor would actually consider minimum net proceeds less than $436,600 provided that the BPO (Broker’s Price Opinion) supports the high level of loss that the homeowner has incurred. They indicated that they would accept $394,000 if the loss was significant, and provided that the payout to the second lender was capped at $6,000. The Seattle Short Sales, Inc., case manager calculated that this would require a sales price increase of $10,000, and on April 12 contacted the listing agent to see if his buyers would agree to that.

The buyers agreed to the increased purchase price of $459,950 and the following day, on April 13, Citi as 1st lender issued their approval letter for the short sale, waiving the sellers of their obligation to pay back the $21,000 deficiency balance on the loan, for closing by May 13, 2011.

On April 27, Chase as 2nd lender issued their approval of the short sale, also for closing by May 13, and waiving the seller of their obligation to pay back the $178,000 deficiency balance owing on their loan.

However, the sellers had expected to have 30 days from issuance of the final approval letters before closing (as indicated on the PSA), and were not prepared to be moving out by May 13. They contacted the Seattle Short Sales, Inc., case manager in a panic, asking him to extend the closing date so they would have time to organize their move.

The Seattle Short Sales case manager managed to get extensions on both approvals, and the short sale closed on May 26.

Result:
The homeowners, who had suffered severe wage cuts and could no longer afford their home, were able to undertake a short sale and pay out both mortgages. Significantly, they were waived of having any future obligation to pay back the deficiency balances: $21,000 owing on the first mortgage and a hefty $178,000 on the second mortgage - allowing them to leave their financial troubles behind and start anew.

To download a copy of the short sale 1st approval letter, click here: http://seattleshortsales.com/LiteratureRetrieve.aspx?ID=85295

To download a copy of the short sale 2nd approval letter, click here: http://seattleshortsales.com/LiteratureRetrieve.aspx?ID=85296

If you are a homeowner, and would like to learn more about short selling your home, please go to: http://seattleshortsales.com/homeowners/

If you are a real estate agent, and would like to learn about our no-fee short sale service, please go to: http://seattleshortsales.com/agents/

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Learn how to get your HSBC/BECU/Citi short sale approved in this HSBC/BECU/Citi Short Sale Case Study.

HSBC/BECU/Citi Short Sale Case Study:

Property Location: Kent, WA - King County

1st Lender: HSBC

2nd Lender: BECU

3d Lender: Citi

Hardship:
“We have been unable to make our mortgage payments for the last several months and see no alternative but to put our home on the market as a short sale.

“When the home was purchased in 2006 our monthly payments were at $3,279.24. Since that time, I lost my job, but have since got another one but at half the pay. I continue to look for a better paying position, but at this time I still make about half of what I was previously bringing home.

“Our first mortgagee (HSBC) has put us on a loan modification plan, but the payments are now at $3,774.18. They began including our past due property taxes sine we were behind. That is what has made the modification payments go higher than our original mortgage payment. We just cannot afford to make these payments.

“We had planned to live in this home forever. We spent much of our savings on some remodeling of the kitchen and new floors throughout the downstairs. We wanted this to be our “grow old in” home, but now cannot see how.

“We need to sell this home and get our accounts settled.”

1st Loan Balance: $424,436

1st Loan Arrears: $13,177

2nd Loan Balance: $13,120

2nd Loan Arrears: $200

3rd Loan Balance: $17,023

Sales Price: $339,000

Approved Commissions: 5%

1st Loan Approved Net Proceeds: $295,834

2nd Loan Approved Net Proceeds: $3,000

3rd Loan Approved Net Proceeds: $3,000

Timeline:

The homeowners wanted to keep their home and had negotiated a loan modification - but the monthly payments after the modification were $500 higher than their original payments, so they were forced to put their home on the market.

On April 11, 2011, a signed offer to purchase the home for $339,000 was received. Three lenders had mortgage liens on the property, and on April 18 the Seattle Short Sales, Inc. case manager submitted the short sale package to all three lenders.

The first lender, HSBC, approved the short sale, reducing broker commissions to 5% and allowing $3,000 to both junior lenders, but waiving the deficiency balance, the following day.

Both junior lenders requested $3,000 each. Seattle Short Sales, Inc., indicated that there were not enough funds to do that, reminding Citi that they were in 3rd and not 2nd position and offering them $500.

Seattle Short Sales, Inc., indicated to BECU as 2nd lender that the seller did not have the funds to pay any deficiency balance, and that if this deal was to go ahead BECU would have to waive the $10,320 deficiency balance. On May 12, BECU issued their approval of the short sale, with clear language in the letter stating “We are waiving the deficiency.”

On May 19, Citi as 3rd lender issued an approval letter for the short sale, but demanding a promissory note (with scheduled repayment plan) for $12,000 - claiming that the homeowner had agreed to this. The case manager ascertained that the homeowner had not in fact agreed to this, and asked them to reissue the approval letter without any demand for a promissory note. Seattle Short Sales, Inc., worked with the buyer to get them to agree to contribute $400 towards Citi as 3rd lender, and on May 24 Citi issued a revised approval letter that did not require any promissory note or repayment plan and that indicated that the $3,000 payment would “satisfy the account in full.”

Result:
The homeowner was no longer able to afford her home due to a 50% wage cut. An attempt at a loan modification failed, as the monthly payments following the modification were actually $500 higher than the original payments.

The homeowner conducted a short sale of the home, and paid off the three mortgages with a total of $166,122 discounted from the balances owing. The specific language in all three approval letters specifically waived the homeowner of having to pay back the deficiency balances, so she was able to get a clean new financial start on life.

To download a copy of the 1st short sale approval letter, click here: http://seattleshortsales.com/LiteratureRetrieve.aspx?ID=87455

To download a copy of the 3rd short sale approval letter, click here: http://seattleshortsales.com/LiteratureRetrieve.aspx?ID=87457

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Learn how to get your Citi/Provident short sale approved in this Citi/Provident Short Sale Case Study.

Citi/Provident Short Sale Case Study:

Property Location: Seattle, WA - King County

1st Lender: CitiMortgage

2nd Lender: Provident Funding Assoc.

Hardship:
“In the past year there have been many changes causing hardship and making it more difficult to pay my mortgage. Though currently up to date with my mortgage payments, this will soon not be the case.

“After moving in with my partner last year, and seeing the market fall, we decided to make the choice to rent the property out in hopes of a rebuilding market. Even with this rental income, there is still a deficit between the income amount and the amount owed, that is becoming harder and harder to pay. The house has drastically depreciated in value leaving me no equity for the option of refinancing.

“I have been a contract Registered Nurse for the past four years, but the falling job market is forcing me to change. I have signed on with another hospital as a permanent employee, since there are no loner any contract opportunities in the Seattle area for my field of expertise. By doing this, my income is decreasing by 25%,

“Over the past three and a half years, I have never once had a late payment, and I take my obligation to pay back the mortgage very seriously. It is my full intention to pay what I owe. But at this time I have exhausted my income and resources and m turning to you for help.”

1st Loan Balance: $249,197

1st Loan Arrears: 0

2nd Loan Balance: $63,397

2nd Loan Arrears: 0

Sales Price: $155,000

Approved Commissions: 6%

1st Loan Approved Net Proceeds: $130,505

2nd Loan Approved Net Proceeds: $9,500 plus $6,000 promissory note

Timeline:
On May 6, 2010, the short sale approval process was initiated. A BPO (Broker’s Price Opinion)was undertaken, and the home was listed for $209,000. On September 18, 2010, a signed off to purchase for $185,000 was received. A new BPO was ordered so that the new offer could be worked with.

Seattle Short Sales, Inc., worked with all parties (seller, buyer, lenders, agents) to come up with sales price, minimum proceeds, and commissions that were acceptable to all parties. On October 13, the first lender issued an approval letter for the short sale.

Seattle Short Sales, Inc., continued to negotiate with second lender, who was demanding $15,000 cash payment and a $20,000 promissory note in order to approve the sale, explaining that the sellers were not able to come up with this; this demand would break the deal. Seattle Short Sales, Inc., proposed that the 2nd lender accept the $6,400 minimum proceeds.

On November 2, Seattle Short Sales, Inc., asked the 1st lender for a 30 day extension to their approval. On November 6, the 2nd lender denied the offer, and Seattle Short Sales, Inc. worked to negotiate a middle ground with them so that the deal would go ahead, offering $6,400 sales proceeds plus $3,100 cash (to be come up with from buyer and seller) plus a $6,000 promissory note. The seller agreed to the promissory note and on November 5 the 2nd lender approved the short sale.

On November 20, the buyers walked away from the deal, and the home was relisted. On January 25, 2011, a signed off to purchase for $140,000 was received from a new buyer. Financial figures were reviewed, and this offer was not high enough to meet lenders’ minimum acceptable proceeds.

On March 6, 2011 a new buyer submitted a signed offer to purchase for $155,000. On March 10, Seattle Short Sales, Inc, resubmitted the short sale file to both lenders for approval, using this new offer. The following day, a revised BPO was ordered, and updated financial documents were prepared and submitted to lenders.

On March 21, the 1st lender issued an approval letter for the short sale, and on March 28 the 2nd lender issued approval for the short sale, with closing by May 5, 2011.

Result:
The homeowner, wanting to take action before getting behind on her mortgage payments, and avoid any damage to her credit rating, was able to undertake a short sale of the home that she would soon not be able to afford payment on, and that was worth about half of what she owed on her mortgages. She paid off both mortgages, receiving a total discount on $167,000 on them, and was waived of ever having to pay back the deficiency balance on either one. She was able to wash her hands of this home, and start her financial life anew.

If you are a homeowner, and would like to learn more about short selling your home, please go to: http://seattleshortsales.com/homeowners/

If you are a real estate agent, and would like to learn about our no-fee short sale service, please go to: http://seattleshortsales.com/agents/

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Learn how to get your Citi/BECU short sale approved in this Citi/BECU Short Sale Case Study.

Citi/BECU Short Sale Case Study:

Property Location: Seattle, WA - King County

1st Lender: Citi

2nd Lender: BECU

Hardship:
“My husband’s pay has been cut approximately 40% over the last year and a half, and he has been unable to find another position to make up the difference in lost income. I have been able to find a part-time job, but have been unable to find a full-time position. Also, I make a great deal less per hour than my husband.

“When we originally bought our house, we had every intention of staying here until our children were grown. We made out mortgage payments on time every month until my husband’s wage cut. In addition to being unable to make the mortgage payments, we are also unable to cover the cost of any upcoming repairs to the house. We had to remove the old shower stall last year because it was leaking. Should anything else break or need to be replaced, we just don’t have the resources for it at this time.

“We would like to sell our house and have our lender receive as much as possible in this market to repay our loan. We feel that a short sale is the only possibility for us at this time.”

1st Loan Balance: $356,805

1st Loan Arrears: $23,123

2nd Loan Balance: $100,000

Sales Price: $310,000

Approved Commissions: 6%

1st Loan Approved Net Proceeds: $263,651

2nd Loan Approved Net Proceeds: $5,800

Timeline:
On November 15, 2010, a signed offer to purchase the home for $310,000 was received. Financial documents were prepared, and on November 23, the completed short sale packages were submitted to both lenders. On November 30, Seattle Short Sales, Inc., contacted Citi (the first lender) for an update, and were told that the file will first be assigned to an advisor who will order the BPO (Broker’s Price Opinion) and that then the file will be assigned to a negotiator. The BPO was completed on December 8.

On December 10, Seattle Short Sales, Inc., contacted Citi again about progress, and the following day Citi assigned a negotiator to the file, who requested further financial documentation in order to assess the case. Seattle Short Sales, Inc., worked with the homeowner to acquire the necessary documents and to get second lender started on the approval process.

On December 18, Citi indicated that they need to see the approval from the second lender before approving the sale; but second lender indicated they will not even discuss the sale without first seeing Citi’s approval. Seattle Short Sales, Inc., worked to resolve this stalemate. On December 21, Citi as first lender issued their approval for the short sale, for closing January 31 and waiving the deficiency balance.

The following day Seattle Short Sales, Inc., contacted Citi to make sure that the January 7 foreclosure sale date was postponed in order to allow this deal to go through, and asked for a status update on the approval. On December 24, the second lender’s negotiator indicated that they would be out of the office until the new year, and would look at the approval letter issue at that time; they needed a new BPO in order to determine whether they would accept Citi’s offer of $5,800, and also needed to work out whether they would be working out a repayment plan for the deficiency balance. The homeowners then filed for bankruptcy, and included second lender BECU in the bankruptcy.

On December 31, Seattle Short Sales, Inc., contacted Citi because the foreclosure sale date had still not been postponed; this was finally done. By January 5, concerned that time was running short for buyers to meet January 31 closing deadline, Seattle Short Sales, Inc, On January 11, Seattle Short Sales, Inc. acquired the bankruptcy documentation and forwarded it to BECU to prove that they were included in the bankruptcy.

On January 19, BECU as second lender issued their approval for the short sale, waiving the deficiency balance, for closing on January 31, 2011.

Result:
The homeowners, no longer able to afford their home because of wage cuts, and owing more on their two mortgages than the home was worth, were able to undertake a short sale of the home. They paid off both mortgages with a total discount of $210,000, were waived of ever having to pay back the deficiencies, and so were able to get a fresh start in life.

To download a copy of the short sale 1st approval letter, click here: http://seattleshortsales.com/LiteratureRetrieve.aspx?ID=78620

To download a copy of the short sale 2ns approval letter, click here: http://seattleshortsales.com/LiteratureRetrieve.aspx?ID=78621

If you are a homeowner, and would like to learn more about short selling your home, please go to: http://seattleshortsales.com/homeowners/

If you are a real estate agent, and would like to learn about our no-fee short sale service, please go to: http://seattleshortsales.com/agents/

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Learn how to get your GMAC/Citi short sale approved in this GMAC/Citi Short Sale Case Study.

GMAC/Citi Short Sale Case Study:

Property Location: Duvall, WA - King County

1st Lender: GMAC

2nd Lender: Citi

Hardship:
“My wife and I are separated and in the process of divorcing. We had anticipated a dual income situation when we purchased our home. She no longer wants the house and I can’t afford to keep it alone. When I initially purchased the house, I was able to work more overtime than is currently available, making it extremely difficult if not unfeasible to keep up the payments now.

“With my current and foreseeable future financial situation, I won’t be able to afford to pay my mortgage and all the credit that I am responsible for. I have exhausted my retirement funds to pay some of my bills and can not take any more money out of that account. My debt to income ration is prohibitive to any kind of financing.

“I am deeply disappointed and humbled to be in this siutation and would like to avoid the further embarrassment of a negative credit connotation or foreclosure.”

1st Loan Balance: $251,079

2nd Loan Balance: $67,363

Sales Price: $207,000

Approved Commissions: 6%

1st Loan Approved Net Proceeds: $179,669 - 178.619 on last revision

2nd Loan Approved Net Proceeds: $4,050

Timeline:
On October 30, 2010, a written offer to purchase the home for $200,000 was received, and on November 17 the completed short sale package was submitted to the lenders. The Case Manager for Seattle Short Sales, Inc., requested financial information from the seller that he knew that the lenders would require in order to approve the file. On NOvember 24, the 2nd lender’s negotiator officially requested this financial information, and on December 3 Seattle Short Sales, Inc., repeated the request to the seller to provide these financial documents.

On December 9, the first lender countered the short sale offer, asking for a sales price of $217,000 or else requesting that sellers/Seattle Short Sales, Inc., provide documentation to show that the offer on the table represents fair market value. The case manager from Seattle Short Sales Inc. managed to negotiate down to have the lender accept a purchase price of $207,000, with no deficiency balance owing by the seller on either loan.

The first lender issued an approval letter for the short sale on January 5, 2011, and the second lender issued their approval letter on January 20. On February 3, at the request of Seattle Short Sales, Inc., the first lender issued a revised approval letter which added a commission for the buyer’s agent as well as a full payoff for second lien requirement. and reduced the minimum acceptable net proceeds by $1,000, and extended the closing date to February 28.

Result:
The homeowner whose marriage had fallen apart, and who could not afford the home on his own single income, was able to avoid foreclosure by undertaking a short sale of the property. He received a $133,000 discount on the balance owing on the two loans, and was waived of any responsibility of ever having to pay this deficiency back.

To download a copy of the short sale 1st approval letter, click here: http://seattleshortsales.com/LiteratureRetrieve.aspx?ID=77604

To download a copy of the short sale 2nd approval letter, click here: http://seattleshortsales.com/LiteratureRetrieve.aspx?ID=78622

If you are a homeowner, and would like to learn more about short selling your home, please go to: http://seattleshortsales.com/homeowners/

If you are a real estate agent, and would like to learn about our no-fee short sale service, please go to: http://seattleshortsales.com/agents/

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Learn how to get your Citi short sale approved in this Citi Short Sale Case Study.

Citi Short Sale Case Study:

Property Location: Edmonds, WA - Snohomish County

1st Lender: Citi

Hardship:
“We have suffered an unusual set of circumstances, and appeal to you for a short sale of our home.

“The main reasons for our hardship are the breast cancer diagnosis and treatment that I underwent in 2008-2009, followed by the prostate cancer diagnosis and treatment that my husband went through from 2009 to April 2010.

“Although we currently have a 30 year fixed mortgage, we had to take out a second loan to make ends meet. The added medical and prescription bills and the cost of both mortgages have caused us to become further and further behind in our finances. In addition, as a result of the downturn in the economy, my husband’s ability to work overtime at his job in order to supplement our income was completely eliminated. Due to the collapse of the real estate market, we cannot refinance because our home’s value has plummeted well below what we paid for it. Taxes on this home are extremely expensive and have risen every year sine we purchased it five years ago.

“We need to sell our home and find another place to live - one that we can better afford. We hope that you will consider working with this on this matter.”

1st Loan Balance: $592,061

1st Loan Arrears: $18,348

Sales Price: $425,000

Approved Commissions: 6%

1st Loan Approved Net Proceeds: $363,253

Timeline:
On November 8, 2010, two offers to purchase were received and one of them, a written offer to purchase for $425,000, was accepted. The short sale package was submitted to the lender on November 11, and Seattle Short Sales, Inc., worked with sellers to obtain their updated financial information that would be required for the case to proceed.

On November 30, the lender indicated that they had completed all of the necessary appraisals and would be assigning to file to a negotiator shortly. On December 3, Seattle Short Sales, Inc., made contact with the lender to start to assemble financial information, in particular regarding the sellers’ delinquent property taxes. On December 9, the lender’s negotiator was assigned. The sellers had indicated that there was a second mortgage on the property and this stalled progress until Seattle Short Sales, Inc., was able to determine that this loan was not secured against the property and so did not affect the case. On December 13, 14, 17 and 22 Seattle Short Sales, Inc., called the negotiator for updates.

On December 28, the lender indicated that they had already issued an approval for this short sale on December 14, but they had sent it to an incorrect fax number and so the approval was never received. The minimum net proceeds in that letter that could not be met with the current purchase offer.

On January 4, Seattle Short Sales, Inc., worked with agents and buyer to find a way to come up with some of the $11,819 difference in what the lender’s minimum net requirements are, and also to extend the January 14 closing date. The buyer refused to contribute more, but the agents offered to contribute $5000 with the hope that the lender would meet them in the middle. On January 6, the lender indicated that their approval conditions stand as specified in the letter, but Seattle Short Sales had them extend the closing date on the grounds that it was the lender’s mistake in not delivering the December 14 approval letter; the closing date was extended to January 28.

Since the buyers were called out of state on an urgent business trip, on January 27 Seattle Short Sales, Inc., requested a two-day extension from the lender in order to get final documents and funds deposited to escrow. The lender approved the extension for a week, until February 3, in order to make sure that the sale went through with no problems.

Result:
The homeowners, both beset with unforeseen medical bills and struggling with a drop in income, were able to short sale the home that they could no longer afford. They received a discount of $247,000 on paying off their home loan, and they were relieved of any obligation of ever having to pay back this deficiency balance.

To download a copy of the short sale approval letter, click here: http://seattleshortsales.com/LiteratureRetrieve.aspx?ID=77495

If you are a homeowner, and would like to learn more about short selling your home, please go to: http://seattleshortsales.com/homeowners/

If you are a real estate agent, and would like to learn about our no-fee short sale service, please go to: http://seattleshortsales.com/agents/

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Learn how to get your Citi short sale approved in this Citi Short Sale Case Study.

Citi Short Sale Case Study:

Property Location: Seattle, WA - King County

1st Lender: Citi Mortgage

Hardship:
“I have owned my own business for years. Late in 2006 and into 2007, I began to see a noticeable downturn in my business activity in California, and started to concentrate on the Seattle area, which was quite stable at the time. But my costs escalated, and I had no ida how severe and widespread this financial train wreck would become. I tried to hang on to the business too long, using our savings and drawing too much from my retirement funds. Losing clients and tenants in the Seattle areas as well, I had no choice but to close the buiness, paying bills from the proceeds and our diminished retirement savings.

“I am in my seventies. After the loss of our business, we are living only from our Social Security, a small amount from my wife’s previous employer, with no additional income other than what we draw from what is left of our retirement IRA.

“Additionally, we are facing some serious medical issues. My wife, already weakened by brain tumor surgery, has stage two breast cancer. She is nearing her medical lifetime limitations with our present insurance carrier. She will have little over two years before she qualifies for Medicare benefits.

“This home has been proudly maintained. We hve completed the interior work necessary for a sale to take place. The house is in excellent condition, as so is the landscaping, and shows beautifully. We have honestly done everything we can do.”

1st Loan Balance: $1,281,882

1st Loan Arrears: $23,269

Sales Price: $1,200,000

Approved Commissions: 5% ($60,000)

1st Loan Approved Net Proceeds: $1,079,230

Timeline:
On August 17, 2010, the homeowner received a written offer to purchase his home for $1,200,000.

The short sale package was submitted to the lender on September 20, 2010. On September 21, Seattle SHort Sales called the lender to follow up on the receipt of all documents, and the following day the lender requested additional financial information (tax returns and bank statements).

On September 24, the lender sent their file to their Negotiation Department, indicating that it could take several days to assign a negotiator, and then up to ten days for them to review the file; the approval itself could take longer. On September 27, the file was assigned to a negotiator. On October 5, Seattle Short Sales contacted the negotiator, who indicated that she had not yet reviewed the file. She called back that same day to say that she had reviewed it, and that although the offer seemed low, she felt she could get it approved.

On October 8, the lender issued an approval letter for the short sale, waiving the lender of any obligation to repay the deficiency balance owing.

Result:
The aging homeowner, facing medical bills for his seriously ill wife and having exhausted his retirement savings, was able to rid himself of a mortgage that he could no longer afford. He received a discount of $226,000 on the funds owed to his lender, and was also waived of any future obligation of having to pay back this deficiency balance.

To download a copy of the short sale approval letter, click here: http://seattleshortsales.com/LiteratureRetrieve.aspx?ID=74987

If you are a homeowner, and would like to learn more about short selling your home, please go to: http://seattleshortsales.com/homeowners/

If you are a real estate agent, and would like to learn about our no-fee short sale service, please go to: http://seattleshortsales.com/agents/

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Learn how to get your ASC - Citi short sale approved in this ASC - Citi Short Sale Case Study.

ASC - Citi Short Sale Case Study:

Property Location: Bothell, WA - King County

1st Lender: ASC

2nd Lender: Citi Mortgage

Hardship: “When we moved to Washington 4 years ago, I was in construction and my wife was running a successful daycare. We were easily making $10,000/month and things were good.
“Washington wouldn’t allow my wife to run a daycare any more, so she got a job as a receptionist, making half of what she used to make. The construction industry tanked, and I had to get two part-time jobs, as well as doing “odd jobs” to make our payments. From this point on financially, things haven’t been good.
“Then our new baby grandson was born with a serious illness. All of my wife’s income went to supporting our 17 year old daughter and surgery after unsuccessful surgery for our grandson through over half of 2009. Thankfully, the last suregery was incredible and he has made a full recover (we think) but my wife is still financially supporting our daughter.
“Since then, my wife has lost her job and I have lost one of my part-time jobs. We had contacted both mortgages in October 2009, originally trying to do some sort of loan modification. This lean nowhere and I’m still frustrated to hear all the news about tons of great programs out there for struggling homeowners, because I could not find any.
“We truly hope and would greatly appreciate if you would consider working with us to allow us to short sale our home and get back on our feet without more financial burden.”

1st Loan Balance: $280,178

1st Loan Arrears: $12,460

2nd Loan Balance: $75,090

2nd Loan Arrears: $2,904

Sales Price: $225,000

Approved Commissions: 5%

1st Loan Approved Net Proceeds: $194,174.93

2nd Loan Approved Net Proceeds: $5,000

Timeline:
May 14, 2010 Short sale package submitted to lenders
June 15, 2010: Short sale package set up for HAFA review.
June 28, 2010: Purchase offer received for sales price of $225,000.
August 24, 2010: Second lender approves short sale with $73,000 discount on amount owed.
September 20, 2010: ASC changes assigned negotiator; Seattle Short Sales requests expediting file because buyer is threatening to walk away.
September 27, 2010: First lender approves short sale with $93,000 discount on amount owed, for closing by October 10, 2010.

Result:
The couple were able to short sale their home with a total of $166,000 discounted from the two loans that they owed, and relieve themselves of the mortgage payments that their changed financial situation had made unaffordable.

To download a copy of the 1st lender short sale approval letter, click here: http://seattleshortsales.com/LiteratureRetrieve.aspx?ID=71258

To download a copy of the 2nd lender short sale approval letter, click here: http://seattleshortsales.com/LiteratureRetrieve.aspx?ID=69131

If you are a homeowner, and would like to learn more about short selling your home, please go to: http://seattleshortsales.com/homeowners/

If you are a real estate agent, and would like to learn about our no-fee short sale service, please go to: http://seattleshortsales.com/agents/

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