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Here is the latest short sale news at Seattle Short Sales. We assist hundreds of Seattle area homeowners with short selling their home and avoiding foreclosure.

Seller Pays 1/3 of Mortgage Balance Due, BECU waives $145k Deficiency!

- Wednesday, October 03, 2012

This Kent, WA, homeowner was a single mother who also ended up supporting her brother and his family following her brother’s job loss. She was forced to leave her job because she could not afford the child care for her son, which meant that she could no longer make her BECU mortgage payments. She was worried about foreclosure. She needed to sell her condo - but its value had dropped to $56,000, and she owed over $210,000 on her mortgage.

Her only hope of avoiding foreclosure was to ask her lender to approve a short sale. She wrote a letter to BECU, explaining the hardships that had led to this financial situation, and also explaining that she would have no possibility of paying any deficiency balance so would need to have it waived - otherwise she would be forced to wait for foreclosure.

On August 28, BECU approved this Kent homeowner’s short sale. They required $65,765 minimum net proceeds following the sale, which represents less than one third of the $210,725 mortgage balance owing - and they waived her of ever having to repay the $144,960 deficiency balance! She is now free of any mortgage debt, and able to focus on her child and their future.

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