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 Cenlar Short Sale Approval Letter: Homeowners in Seattle, WA, Receive $146,000 Loan Discount, Deficiency Waived!

- Wednesday, October 31, 2012
These Seattle, WA, homeowners avoided foreclosure through a short sale. They owed nearly $290,000 on their Cenlar mortgage, including arrears. They relocated to California in April, 2011 - at which time their home was valued at more than the balance owing. But rapidly dropping property values meant that, by the time their home was on the market, its value had dropped to less than their mortgage debt.

They could not afford to pay both their rent in California and their mortgage in Seattle. Their only hope to avoid foreclosure was to negotiate a short sale with Cenlar.

Cenlar has just issued their approval letter for the short sale, accepting $142,528 net proceeds on the $288,400 mortgage balance owing - a discount of $145,872. The short sale approval letter waived the Seattle homeowners of ever having to repay that deficiency.

You can read the Cenlar short sale approval letter here: 9.12.12_Cenlar_1st_Lien_146k_Deficiency_Debt_Settled_Short_Sale_Approval.pdf

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