Case Studies

Below are the latest short sale case studies from clients of Seattle Short Sales. The team at Seattle Short Sales has assisted hundreds of Seattle area homeowners with avoiding foreclosure and successfully short selling their homes. Learn how we can help you today.

Couple From Carnation, WA - Able To Walk Away From Their Underwater Home With $256,000 in Mortgage Debt Forgiven

Lambros Politis - Wednesday, March 19, 2014

Douglas and Dianne, from Carnation, WA. Income cuts and increased expenses meant that they could no longer afford the mortgage payments on their family home.

The Challenges They Were Facing

In 2010 and 2011, both Douglas and Dianne suffered cuts in their hours from their employers, resulting in a substantial loss in their family income.

They used their savings to keep current on their mortgage payments, while they tried to negotiate a loan modification with Ocwen to reduce their monthly mortgage payments. When they finally were granted a loan modification in late 2011, it turned out that their new payments were the same as their old payments: nearly $2,700 per month. Their loan modification did not help them at all.

Douglas and Dianne wanted to make up their missed mortgage payments, but they could not even keep pace with the new balance due each month. By early 2014, they owed nearly $50,000 in arrears, on top of the original principal balance of over $361,000. Meanwhile, their home’s value had dropped, to less than $200,000.

Results: Short Sale Approved, $256,000 of Mortgage Debt Forgiven

Ocwen accepted $152,523 of the sales proceeds as full and final payment of Douglas and Dianne’s $408,000 total mortgage debt.

In total, by approving the short sale, Douglas and Dianne’s lender forgave them of ever having to repay $255,514 of their mortgage debt - waiving that deficiency balance forever.

Our Strategies

1. Work hard with all parties to find a fair price.

Our buyer originally offered $200,000 for the home. However, a BPO conducted two months later came in at $190,000. We received approval from the lender for the short sale to go ahead at a sales price of $200,000 but our buyer dropped his bid to $165,000.

Ocwen ordered a new BPO (Broker’s Price Opinion), which came back at $180,000. They met in the middle, countering at $172,000. Our buyer initially refused the deal, and walked.

However, a month later, our buyer came back - this time offering only $154,000. And this time, Ocwen accepted the lower offer!

2.  Be persistent

Many of our short sales take less than two to three months to complete these days. Douglas and Dianne’s were not so easy, because of the quibbling over the BPO and the buyer dropping his purchase offer.

However, we were persistent, re-doing and re-submitting documents as necessary. In total, this sale took over six months to complete: longer than average, but still a satisfactory solution for Douglas and Dianne in the end.

The Outcome

Douglas and Dianne were in a no-win situation. They had both suffered wage cuts, and they had exhausted their savings trying to keep up with their mortgage payments. They were seriously delinquent, and they knew that had no way of catching up.

Douglas and Dianne avoided foreclosure and bankruptcy by convincing their lender, Ocwen, to approve them for a short sale. Ocwen forgave them of ever having to repay over half of their total mortgage debt - nearly $256,000 in all. The couple was able to walk away from their underwater home, and the mortgage that they could no longer afford, with no outstanding mortgage debt, and devote their attention to getting a new financial start.

---------

At Seattle Short Sales, we know that being in debt is about so much more than just numbers. We understand the pain that debt causes, and the personal toll it takes on families and on relationships. We are here first to listen - because we know that everyone's situation is different. Once we understand your unique circumstances and your individual needs, our team of attorneys and financial professionals will help you find the best and quickest solution to your personal debt problems. For a free, no-obligation consultation, tell us about your situation or call us directly at 1-800-603-3525. Lambros Politis can also be found on Google +.

Nationstar / Green Tree Short Sale Case Study, Auburn, WA - King County: $133k Deficiency Waived!

Seattle Short Sales - Monday, September 30, 2013

This couple was able to avoid foreclosure on their home by getting their lenders to approve a short sale. Find out how in this Nationstar / Green Tree Case Study:

Property Location: Auburn, WA - King County

1st Lender: Nationstar

2nd Lender: Green Tree

Hardship: This homeowner purchased her condo in Auburn, WA, in 2007, at what turned out to be the peak of the real estate market. Since purchasing the condo, she has married and had two children. Her husband has been unable to find employment that would pay much more that the costs of child care, so she has continued working while he cares for their two children.

The year that she bought the condo, she changed her place of employment, and for five years had to commute over 60 miles each way to work. In late 2012, she found employment slightly in Olympia, and she and her family moved there.

They have tried to rent the condo, but have had trouble finding steady renters. Even when they had renters. the rent they received was $600 short of paying the mortgage and bills each month. The one-bedroom condo was too small for her growing family and far from her place of employment, so living in it was not an option.

She owed over $200,000 on her two mortgages with Nationstar and Green Tree, and her condo’s value had dropped to well under $100,000. She could not afford to continue putting money into the mortgage, but she could not sell. The only way for her to avoid foreclosure was to approach both of her lenders and request that they approve a short sale.

Total 1st Mortgage Debt: $175,077

Total 2nd Mortgage Debt: $36,658

Sales Price: $94,000

Total Deficiency Balance: $133,000

Result: Short sale approved, both deficiencies waived!

Summary: This homeowner owed more than twice as much on her two mortgages with Nationstar and Green Tree than what her Auburn condominiumas was worth. The condo was too small for her family to live in, and she could not afford to pay the mortgage and pay rent elsewhere.

She avoided foreclosure by pursuing a short sale. She paid back her two mortgages $133,000 short of the full balances owing, and her lenders forgave her of ever having to pay back the deficiency balances. She was now able to focus on supporting her family, rather thank sinking money into a property that was not likely to regain its value for many years.

To download a copy of the 1st short sale approval letter, click here: 8.7.13 - Nationstar - 1st Lien - 102k Deficiency - Debt Settled - Short Sale Approval

To download a copy of the 2nd short sale approval letter, click here: 6.27.13 - Green Tree - 2nd Lien - 31k Deficiency - Debt Settled - Short Sale Approval

Seattle Short Sales has a team of experienced and successful real estate specialists dedicated to working with distressed homeowners. We close, on average, 12% of all short sales per month in King County. In the last 24 months, we have negotiated over 756 short sale approvals, and discounted over $81 million of mortgage debt for distressed homeowners.

In addition to our short sales negotiators, our team includes dedicated professionals advising and advocating for homeowners in the fields of: loan modifications, bankruptcy, debt settlement and collection defense. As part of our service, we offer unlimited attorney and CPA consultations.

If you are a homeowner who is struggling to make ends meet, and would like to learn more about the options available to you, please go to: http://seattleshortsales.com/homeowners/ 

Selene Short Sale Case Study, Everett, WA - Snohomish County: $142k Deficiency Waived!

Seattle Short Sales - Wednesday, September 25, 2013

This Everett family was able to avoid foreclosure on their home by getting their lender to approve a short sale. Find out how in this Selene Case Study:

Property Location: Everett, WA - Snohomish County

1st Lender: Selene

Hardship: This family, a husband and wife and their three children, had lived in their home for fifteen years, and their family had lived in Everett for generations.

However, in 2006, the husband was injured at work, and their financial troubles started. He had to have suregery, was off work completely for a year, and was only able to return to limited part-time employment. They had previously made the decision for the wife to stay home to be a full-time mother, but she was forced to find work in order to be able to pay the bills.

Then she became ill. She was hospitalized and, facing a long recovery, had to give up her job. Family members helped them out financially, but this finally turned out to be unsustainable and they were forced to declare bankruptcy, while refinancing their mortgage in order to keep their home. However, their loan officer handled the case poorly. Although the loan officer was later found guilty of deceptive and illegal practices, by the time this couple found out what had happened, they were $20,000 in arrears on the new loan.

They seemed to have no way out. They owed over $330,000 on their mortgage with Selene, and their home’s price had dropped to only $200,000. They had already gone through a bankruptcy, and now it looked like they would be going through a foreclosure as well. The only way to avoid foreclosure was to contact Selene, to see if they would consider approving a short sale.

Total 1st Mortgage Debt: $334,271

Sales Price: $200,000

Total Deficiency Balance: $142,000

Result: Short sale approved, deficiency waived!

Summary: Due to bad luck, a series of medical conditions suffered first by the husband and then by the wife, these homeowners were unable to work. They were no longer able to pay the mortgage on the Everett home that they had owned for 15 years.

They owed $134,000 more on their Selene mortgage than the current value of their home. Selene approved a short sale, waiving them of having to repay the $142,000 deficiency balance on the mortgage, and even paid them a $1000 cash incentive for completing the sale. They avoided foreclosure, and were able to work on getting a new start in life without being saddled by that old debt.

To download a copy of the 1st short sale approval letter, click here: 9.10.13 - Selene - 1st Lien - 142k Deficiency - Debt Settled - Short Sale Approval

Seattle Short Sales has a team of experienced and successful real estate specialists dedicated to working with distressed homeowners. We close, on average, 12% of all short sales per month in King County. In the last 24 months, we have negotiated over 756 short sale approvals, and discounted over $81 million of mortgage debt for distressed homeowners.

In addition to our short sales negotiators, our team includes dedicated professionals advising and advocating for homeowners in the fields of: loan modifications, bankruptcy, debt settlement and collection defense. As part of our service, we offer unlimited attorney and CPA consultations.

If you are a homeowner who is struggling to make ends meet, and would like to learn more about the options available to you, please go to: http://seattleshortsales.com/homeowners/ 

SPS / Green Tree Short Sale Case Study, Mount Vernon, WA - Skagit County: $72k Deficiency Waived!

Seattle Short Sales - Monday, September 23, 2013

This divorced couple was able to avoid foreclosure on their Mount Vernon home by getting their lenders to approve a short sale. Find out how in this SPS / Green Tree Case Study:

Property Location: Mount Vernon, WA - Skagit County

1st Lender: SPS

2nd Lender: Green Tree

Hardship: Everything was going well for this couple when they purchased their Mount Vernon home in 2005. But by 2008, they had divorced. The wife was living in the home with their children, and she could not afford to support her family as well as make the mortgage payments.

They needed to sell the home and settle their accounts. However, they owed nearly $220,000 on their two mortgages with SPS and Green Tree, and their home was only valued at about $167,000.

The only way they could sell the home was to approach both lenders to request a short sale.

Total 1st Mortgage Debt: $192,874

Total 2nd Mortgage Debt: $26,209

Sales Price: $167,500

Total Deficiency Balance: $72,000

Result: Short sale approved through HAFA, both deficiencies waived!

Summary: These homeowners owed over $50,000 more on their SPS and Green Tree mortgages than the current value of their Mount Vernon home. However, they had divorced, and needed to sell the home.

The sale was approved through HAFA, which means that not only was the short sale approved, with the lenders accepting a total of $72,000 less than the balance owing on the two mortgages, but that they also forgave the borrowers of ever having to repay those deficiency balances. The borrowers had avoided foreclosure, and were free to move ahead with their lives, without the burden of that old mortgage debt.

To download a copy of the 1st short sale approval letter, click here: 8.8.13- SPS - 1st Lien - 54k Deficiency - Debt Settled - Short Sale Approval

To download a copy of the 2nd short sale approval letter, click here: 8.19.13- Green Tree - 2nd Lien - 18k Deficiency - Debt Settled - Short Sale Approval

Seattle Short Sales has a team of experienced and successful real estate specialists dedicated to working with distressed homeowners. We close, on average, 12% of all short sales per month in King County. In the last 24 months, we have negotiated over 756 short sale approvals, and discounted over $81 million of mortgage debt for distressed homeowners.

In addition to our short sales negotiators, our team includes dedicated professionals advising and advocating for homeowners in the fields of: loan modifications, bankruptcy, debt settlement and collection defense. As part of our service, we offer unlimited attorney and CPA consultations.

If you are a homeowner who is struggling to make ends meet, and would like to learn more about the options available to you, please go to: http://seattleshortsales.com/homeowners/ 

Nationstar Short Sale Case Study, Seattle, WA - King County: $87k Deficiency Waived!

Seattle Short Sales - Sunday, September 15, 2013

This borrower was able to avoid foreclosure on her Seattle condo by getting her lender to approve a short sale. Find out how in this Nationstar Case Study:

Property Location: Seattle, WA - King County

1st Lender: Nationstar

Hardship: This single homeowner had used an inheritance to put the down payment on a condominium in Seattle, where she could be close to her family. By 2012, however, she no longer had family in the Seattle area, so she moved to Denver in order to be close to family there, and found a job in her professional field.

However, she was laid off after seven months. Unable to find a new job, and unable to collect unemployment benefits, she could no longer afford the mortgage payments on her Seattle condo. After several months, she managed to find part-time work, and she also enrolled in continued education in order to upgrade her work skills, a further expense which made it impossible to bring her overdue mortgage current.

She did not want to have a foreclosure on her credit record. The only way for her to avoid foreclosure was to contact her lender, Nationstar, to request a short sale.

Total 1st Mortgage Debt: $209,751

Sales Price: $146,000



Total Deficiency Balance: $86,751

Result: Short sale approved, deficiency waived!

Summary: This homeowner owed more on her Seattle condo than what the condo was worth. She was behind on her mortgage payments, and knew that she had no way of ever being able to catch up.

Her lender approved a short sale, accepting net proceeds $87,000 less than the total balance owing on her mortgage, and waiving her of ever having to repay that discount. She avoided foreclosure, and was able to make a new financial start without being burdened by her old mortgage debt.

To download a copy of the 1st short sale approval letter, click here: 7.31.13 - Nationstar - 1st Lien - 87k Deficiency - Debt Settled - Short Sale Approval

Seattle Short Sales has a team of experienced and successful real estate specialists dedicated to working with distressed homeowners. We close, on average, 12% of all short sales per month in King County. In the last 24 months, we have negotiated over 756 short sale approvals, and discounted over $81 million of mortgage debt for distressed homeowners.

In addition to our short sales negotiators, our team includes dedicated professionals advising and advocating for homeowners in the fields of: loan modifications, bankruptcy, debt settlement and collection defense. As part of our service, we offer unlimited attorney and CPA consultations.

If you are a homeowner who is struggling to make ends meet, and would like to learn more about the options available to you, please go to: http://seattleshortsales.com/homeowners/

IndyMac / Citi Short Sale Case Study, Maple Valley, WA - King County: $68k Deficiency Waived!

Seattle Short Sales - Sunday, September 08, 2013

This Maple Valley couple was able to avoid foreclosure on their home by getting their lenders to approve a short sale. Find out how in this IndyMac / Citi Case Study:

Property Location: Maple Valley, WA - King County

1st Lender: IndyMac

2nd Lender: Citi

Hardship: This couple could no longer make their mortgage payments because of wage cuts, as well as increased expenses associated with caring for distant family members. They realized they would soon use up their savings and run into financial trouble, so they tried to proactively negotiate a loan modification, but without success.

Additionally, they had an upcoming balloon payment that they knew they would be unable to pay.

They knew that they would be facing foreclosure unless they could get rid of the house. They owed $210,000 on their first mortgage with IndyMac, and another $33,000 on their second mortgage with Citi - a total of $243,000 of mortgage debt owing on a home with a current value that had fallen to around $200,000. They approached both lenders to request approval to undertake a short sale.

Total 1st Mortgage Debt: $209,575

Total 2nd Mortgage Debt: $33,302

Sales Price: $206,000



Total Deficiency Balance: $68,225

Result: Short sale approved, both deficiencies waived, and sellers received a $3,000 cash incentive payment!

Summary: These Maple Valley homeowners owed nearly $40,000 more on their two mortgages with IndyMac and Citi than the current value of their home. They avoided foreclosure by getting both lenders to approve a short sale.

IndyMac accepted $38,193 less than the full balance owing on the mortgage, and Citi accepted $30,302 less than the full balance owing. Both lenders waived the sellers of ever having to repay those shortfalls, which means they can now move forward in life free of their old mortgage debt. In addition, the sellers received a $3,000 cash payment to assist with relocation expenses.

To download a copy of the 1st short sale approval letter, click here: 6.27.13 - IndyMac - 1st Lien - 38k Deficiency - Debt Settled - Short Sale Approval

To download a copy of the 2nd short sale approval letter, click here: 7.18.13 - Citi - 2nd Lien - 30k Deficiency - Debt Settled - Short Sale Approval

Seattle Short Sales has a team of experienced and successful real estate specialists dedicated to working with distressed homeowners. We close, on average, 12% of all short sales per month in King County. In the last 24 months, we have negotiated over 756 short sale approvals, and discounted over $81 million of mortgage debt for distressed homeowners.

In addition to our short sales negotiators, our team includes dedicated professionals advising and advocating for homeowners in the fields of: loan modifications, bankruptcy, debt settlement and collection defense. As part of our service, we offer unlimited attorney and CPA consultations.

If you are a homeowner who is struggling to make ends meet, and would like to learn more about the options available to you, please go to: http://seattleshortsales.com/homeowners/

Nationstar Short Sale Case Study, Snoqualmie Pass, WA - King County: $244k Deficiency Waived!

Seattle Short Sales - Saturday, August 31, 2013

This divorcing couple was able to get rid of their Snoqualmie Pass home and avoid foreclosure by getting their lenders to approve a short sale. Find out how in this Nationstar Case Study:

Property Location: Snoqualmie Pass, WA - King County

1st Lender: Nationstar

2nd Lender: Nationstar

Hardship: This couple had been married for 22 years. They had spent significant amounts on marriage counseling, but finally realized that divorce was the best solution for them.

They had to divide their assets, which meant that the home needed to be sold. However, they owed nearly $500,000 on their two Nationstar mortgages: over $340,000 on the first mortgage, and $127,000 on the second mortgage.

Their home’s value had dropped to only about $250,000. The only way that they could sell it was to get their lenders to accept a short payoff by approving a short sale.

Total 1st Mortgage Debt: $341,329

Total 2nd Mortgage Debt: $126,849

Sales Price: $255,000



Total Deficiency Balance: $243,757

Result: Short sale approved, both deficiencies waived!

Summary: This divorcing couple was forced to sell their Snoqualmite Pass home so they could divide their assets. However, the home’s value had dropped to about $220,000 less than what they owed on their two Nationstar mortgages.

Nationstar approved a short sale, and the couple paid back their mortgages with a discount of over $243,000. Furthermore, Nationstar waived them of ever having to repay that deficiency balance, leaving them both free to move ahead with their new lives without being saddled by that old mortgage debt..

To download a copy of the 1st short sale approval letter, click here: 7.15.13 - Nationstar - 1st Lien - 123k Deficiency - Debt Settled - Short Sale Approval

To download a copy of the 2nd short sale approval letter, click here: 7.18.13 - Nationstar - 2nd Lien - 121k Deficiency - Debt Settled - Short Sale Approval

Seattle Short Sales has a team of experienced and successful real estate specialists dedicated to working with distressed homeowners. We close, on average, 12% of all short sales per month in King County. In the last 24 months, we have negotiated over 756 short sale approvals, and discounted over $81 million of mortgage debt for distressed homeowners.

In addition to our short sales negotiators, our team includes dedicated professionals advising and advocating for homeowners in the fields of: loan modifications, bankruptcy, debt settlement and collection defense. As part of our service, we offer unlimited attorney and CPA consultations.

If you are a homeowner who is struggling to make ends meet, and would like to learn more about the options available to you, please go to: http://seattleshortsales.com/homeowners/

Bank of America / Citi Short Sale Case Study, Newcastle, WA - King County: $85k Deficiency Waived!

Seattle Short Sales - Sunday, August 25, 2013

This couple was able to avoid foreclosure on their Newcastle home by getting their lenders to approve a short sale. Find out how in this Bank of America / Citi Case Study:

Property Location: Newcastle, WA - King County

1st Lender: Bank of America

2nd Lender: Citi

Hardship: When this couple purchased their home in Newcastle in 2006, they were both working. They have since had two children, so the wife left her job to stay home to care for the children.

Over the following years, the husband was hit with wage cuts. By 2011, his salary had dropped by $60,000 compared to what he had been earning four years earlier. By 2013, their mortgage payments took up over 60% of his wage, and they were paying their other bills by withdrawing from their 401k and by using credit cards.

They knew that this was unsustainable, and that they needed to sell the home. However, its value had dropped to about $400,000, and they owed that much on their Bank of America first mortgage, as well as nearly $50,000 more on their second mortgage with Citi. The only way that they could sell the home and avoid foreclosure was to obtain approval from both lenders to do a short sale.

Total 1st Mortgage Debt: $405,628

Total 2nd Mortgage Debt: $48,574

Sales Price: $410,000



Total Deficiency Balance: $84,856

Result: Short sale approved, both deficiencies waived!

Summary: These Newcastle homeowners owed $50,000 more on their two mortgages with Bank of America and Citi than the current value of their home. Wage cuts and added family expenses meant that they could no longer afford their mortgage payments.

They avoided foreclosure by obtaining their lenders’ approval for a short sale. After deducting closig costs from the sales proceeds, they were $85,000 short on paying back the mortgages. However, their lenders forgave them of ever having to pay back that deficiency. They were able to get rid of the home that they could not afford, without being followed by that old mortgage debt, and focus on raising their family and their future together.

To download a copy of the 1st short sale approval letter, click here: 7.23.13 - Bank of America - 1st Lien - 43k Deficiency - Debt Settled - Short Sale Approval

To download a copy of the 2nd short sale approval letter, click here: 7.24.13 - Citi - 2nd Lien - 42k Deficiency - Debt Settled - Short Sale Approval

Seattle Short Sales has a team of experienced and successful real estate specialists dedicated to working with distressed homeowners. We close, on average, 12% of all short sales per month in King County. In the last 24 months, we have negotiated over 756 short sale approvals, and discounted over $81 million of mortgage debt for distressed homeowners.

In addition to our short sales negotiators, our team includes dedicated professionals advising and advocating for homeowners in the fields of: loan modifications, bankruptcy, debt settlement and collection defense. As part of our service, we offer unlimited attorney and CPA consultations.

If you are a homeowner who is struggling to make ends meet, and would like to learn more about the options available to you, please go to: http://seattleshortsales.com/homeowners/

Bank of America HAFA Short Sale Case Study, Olympia, WA - Thurston County: $77k Deficiency Waived!

Seattle Short Sales - Wednesday, August 21, 2013

This family was able to avoid foreclosure on their Olympia home by getting their lender to approve a short sale. Find out how in this Bank of America Case Study:

Property Location: Olympia, WA - Thurston County

1st Lender: Bank of America

Hardship: This service member and his wife owed $50,000 more on their Bank of America mortgage than the current value of their Olympia home, but they were in a good financial position and able to continue making their mortgage payments.

Then he received orders to relocate to Korea, which meant an overseas move for their whole family. They did not want to have to manage their home as a rental from so far away, so they contacted their lender to request approval of a HAFA short sale.

Total 1st Mortgage Debt: $291,760

Sales Price: $250,000



Total Deficiency Balance: $77,019

Result: Short sale approved through HAFA, deficiency waived!

Summary: These homeowners owed $50,000 more on their mortgage with Bank of America than the current value of their home. When they found out that they were to move overseas, they wanted to sell the home rather than try to manage it as a rental from so far away.

Bank of America approved their short sale request, and waived them of ever having to repay the $77,000 shortfall on the mortgage balance owing. They were able to focus on their upcoming move, and their new life abroad with their young family, without the risk of a foreclosure on their record.

To download a copy of the 1st short sale approval letter, click here: 7.23.13 - Bank of America - 1st Lien - 77k Deficiency - Debt Settled - Short Sale Approval

Seattle Short Sales has a team of experienced and successful real estate specialists dedicated to working with distressed homeowners. We close, on average, 12% of all short sales per month in King County. In the last 24 months, we have negotiated over 756 short sale approvals, and discounted over $81 million of mortgage debt for distressed homeowners.

In addition to our short sales negotiators, our team includes dedicated professionals advising and advocating for homeowners in the fields of: loan modifications, bankruptcy, debt settlement and collection defense. As part of our service, we offer unlimited attorney and CPA consultations.

If you are a homeowner who is struggling to make ends meet, and would like to learn more about the options available to you, please go to: http://seattleshortsales.com/homeowners/

Green Tree Short Sale Case Study, Lake Stevens, WA - Snohomish County: $130k Deficiency Waived!

Seattle Short Sales - Friday, August 16, 2013

This homeowner was able to avoid foreclosure on his Lake Stevens home by getting his lender to approve a short sale. Find out how in this Green Tree Case Study:

Property Location: Lake Stevens, WA - Snohomish County

1st Lender: Green Tree

2nd Lender: Green Tree

Hardship: This homeowner moved out of his Lake Stevens home in 2009, in order to move in with his ailing parents and care for them. His mother passed away in 2011, but he continued to incur expenses associated with caring for his father.

The financial burden related to contributing to his parents’ living costs as well as paying for several surgeries became too much, and he could no longer afford to make his mortgage payments. He wanted to sell the Lake Stevens home, but its value had dropped to about $310,000, which was $100,000 less than what he owed on his two mortgages.

He wanted to avoid foreclosure and get rid of the home, but the only way that he could do that was to approach his lender, Green Tree, to seek approval to undertake a short sale.

Total 1st Mortgage Debt: $351,776

Total 2nd Mortgage Debt: $61,232

Sales Price: $312,500



Total Deficiency Balance: $129,807

Result: Short sale approved, both deficiencies waived!

Summary: This Lake Stevens homeowner owed $100,000 more on his two Green Tree mortgages than the current value of the home. Medical and living expenses incurred over years of caring for his ailing parents meant that he could no longer afford his mortgage payments.

He avoided foreclosure by getting his lender to agree to a short sale. After paying closing costs on the sale, he was $130,000 short on paying the balance owing on his two mortgages, but Green Tree forgave him of ever having to pay back that deficiency balance.

He was able to rid himself of the home that had become a financial burden to him, without having a foreclosure on his record.

To download a copy of the 1st short sale approval letter, click here: 7.24.13 - Green Tree - 1st Lien - 75k Deficiency - Debt Settled - Short Sale Approval

To download a copy of the 2nd short sale approval letter, click here: 7.11.13 - Green Tree - 2nd Lien - 55k Deficiency - Debt Settled - Short Sale Approval

Seattle Short Sales has a team of experienced and successful real estate specialists dedicated to working with distressed homeowners. We close, on average, 12% of all short sales per month in King County. In the last 24 months, we have negotiated over 756 short sale approvals, and discounted over $81 million of mortgage debt for distressed homeowners.

In addition to our short sales negotiators, our team includes dedicated professionals advising and advocating for homeowners in the fields of: loan modifications, bankruptcy, debt settlement and collection defense. As part of our service, we offer unlimited attorney and CPA consultations.

If you are a homeowner who is struggling to make ends meet, and would like to learn more about the options available to you, please go to: http://seattleshortsales.com/homeowners/

Quick Response Form



Please tell us about your situation:

* required field
Legal consultations provided
to all homeowners at no cost. Privacy guaranteed.

Recent Posts


Tags / Lenders


Archive