As many of you are aware Windermere Peninsula Properties hosted a workshop on foreclosures, short sales, and current conditions of the housing market this past Thursday. It went over really well...we had a packed house.I wanted to share a little of the info with you that I learned that night from our lender, accountant and attorney. Which by the way had so much great information we could have easily given them each their own night.
Mike Spence was our Real Estate attorney. He talked about the step by step process a lender must take to foreclose on a home. Did you know that in the state of Washington you can not be foreclosed on in any less than 180 days. That gives you six months to try and find a solution.
Catherine Wolf was the Tax Accountant. She talked about the tax ramifications of selling your home short and the effects of foreclosure. Did you know that you may have to claim the amount forgiven by the bank as income?
Vickie Nunez was our lender from Wells Fargo. She talked about the change in conditions for the banking industry and the steps a bank must go through to approve a short sale on a property. Did You know that until recently Wells Fargo had about a dozen people nation wide in their Loss Mitigation Department and they now employ between 3,000-4,000!
If you would like any additional information you can contact Dinah Lee Griffey at 360-551-8888 anytime or send me an e-mail at DinahGriffey@windermere.com
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