Concord, CA Short Sale Success Story: Reva Drive
Eric and Pam are a great young couple who were hit hard by the recession. With 2 young children, and a mortgage that was adjusting upward every month, they were running out of options. They tried to modify their loan, but their lender wouldn't even respond to their request. Then they were served a Notice of Default by their lender. They were running out of time and they were confused and frustrated by their situation. When they contacted my office, I explained to them the options they had in facing foreclosure. Since they want to have the option to purchase another home again in as little as 2 years, Eric and Pam decided to list their home as a short sale rather than walk away, lose the home to foreclosure and hurt their credit.
There was 1 mortgage on the home for $440,000. I was able to negotiate with the lender to accept $285,000 (64% of the balance owed) as a short payoff. I also negotiated with the lender to waive their right to a deficiency judgement, meaning they accept the $285,000 as payment in full and will not pursue Eric and Pam for any outstanding balance.
The short sale is reported to the credit bureaus as Account Paid in Full for Less Than Full Balance, which has had no effect on their credit score.
All of this was done in a little under 3 months. Eric and Pam's lender paid the commission and all of the sellers closing costs. There was no out of pocket expenses for Eric and Pam.
Are you behind on your mortgage payments? Are you facing foreclosure? Have you tried modifying your loan, but are getting nowhere with your lender? I can help. Call my office today for a FREE over the phone consultation. DO NOT LET THE BANK FORECLOSE!!
Kevin Dwyer 707-704-9250, firstname.lastname@example.org