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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 Seterus/Suntrust Short Sale Approvals: Homeowner in Lake Stevens, WA, Receives $111,000 Loan Discount on Mortgages on Investment Home - Both Deficiencies Waived!

Seattle Short Sales - Tuesday, October 16, 2012
This Lake Stevens, WA, homeowner avoided foreclosure on his investment home through a short sale - without affecting his primary home. He owed $199,960 on his Seterus first mortgage, and $37,492 on his Suntrust second mortgage - a total of $237,452 of debt. But his home was valued at only $145,000.

We received short sale approval letters from both lenders in September. Seterus has issued their approval, accepting $120,285 net proceeds on the $199,960 mortgage balance owing - a discount of $79,675. Suntrust issued their approval, accepting $6,000 net proceeds on the $37,492 mortgage balance owing - a discount of $31,492.

The total discount that this investment home owner received was $111,167, and both lenders waived him of ever having to pay those deficiencies. This means that he can focus on staying current on the mortgage on his primary home, without worrying about those old mortgage debts following him around.

You can read the Seterus short sale approval letter here: 9.30.12_Seterus_1st_Lien_80k_Deficiency_Debt_Settled_Short_Sale_Approval.pdf

You can read the Suntrust short sale approval letter here: 9.21.12_Suntrust_2nd_Lien_31k_Deficiency_Debt_Settled_Short_Sale_Approval.pdf

If you are a homeowner, and would like to learn more about short selling your home, please go to: http://seattleshortsales.com/homeowners/


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