Short Sale Blog

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.

New Citi Short Sale Approval Letter: Homeowner in Redmond, WA, Receives $714,000 Loan Discount, Deficiency Waived!

- Tuesday, May 29, 2012
This Redmond, WA, homeowner’s business failed, causing him to get behind on his mortgage payments. He avoided foreclosure through a short sale. He owed over $1.7 million on his Citi first mortgage. But the purchase offer on his home was for only $1.1 million.

Citi has just issued their approval letter for the short sale, accepting $1 million net proceeds on the $1.7 million mortgage balance owing - for a total discount of $714,000. The short sale approval letter waived the Redmond homeowner of ever having to repay that deficiency.

You can read the Citi short sale approval letter here:
3.23.12 - Citi - 1st Lien - 714k Deficiency - Debt Settled- Short Sale Approval

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