Bellevue Short Sales: Why A Second Mortgage Is Willing To Negotiate On A Short Sale

By
Real Estate Agent with Homes Northwest

Bellevue WA – After yesterday’s blog post, I am sure that some people were wondering why a Second Mortgage or HELOC gets zero from a foreclosure. Let me explain why.

Click here to discover how other sellers successfully did a short sale and avoided foreclosure.

When a property is foreclosed upon, it is auctioned on the courthouse steps.Let me give you a scenario where a homeowner owes the following on the property.

First Mortgage is owed $200,000.

Second Mortgage is owed $40,000.

There is a HELOC (Home Equity Line of Credit) that is owed $100,000. (The home increased in value to $400,000 and a lender agreed to grant the loan.)

So a total of $340,000 is owed on the property. Now, what if it only sells for $150,000 on the courthouse steps. Who gets that $150,000? Click here to find out.

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Topic:
Real Estate Market Trends
Location:
Washington King County Bellevue
Groups:
Short Sales Specialists
REO's & Short Sales
Short Sale
Tags:
avoid foreclosure
bellevue short sale
short sale vs foreclosure
paul nelson
nelsons town and country
negotiations
short sale process
bellevue short sale agent

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Paul Nelson

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