Sellers' income went down as their mortgage payments went up. Solution: Completed a short sale where Mr. Cooper (formally NationsStar) reduced the mortgage to $141,342.00 and waived the right to pursue a deficiency judgment against the seller.
A retired couple wanted to move closer to their grandchildren, yet they owed more on their house than they could sell it for. SOLUTION: completed as short sale whereGMAC reduced 1st mortgage and Bank of America waived $26,854.00 deficiency on 2nd mortgage during short sale negotiations.
An out-of-state owner had tenants that did not pay him rent which contributed to financial hardship. SOLUTION: Chase Bank reduced 1st mortgage and allowed compensation to 2nd lender (Greentree) to complete a short sale. Deficiency waived and avoided condo foreclosure.
1st Mtg - Bank of America accepted $53,213
2nd Mtg - Solace Financial accepted $5,200
Deficiency waived for the seller - Sold 'As Is"
GreenTree accepted $107,255 to satisfy the first mortgage and the 2nd lender (Bank of America) accepted $5,000 - No deficiency / Sold "As Is"
The house was vacant and needed excessive repairs and had a large 2nd mortgage. The short sale satisfied the 1st & 2nd mortgage. Sold "As Is" -