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 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/

New Seterus Short Sale Approval Letter: Homeowner in Everett, WA, Receives $183,000 Loan Discount, Deficiency Waived!

Seattle Short Sales - Monday, May 14, 2012
This Everett, WA, homeowner avoided foreclosure through a short sale. She owed over $294,000 on her Seterus mortgage. But the purchase offer on her home was for only $125,800 - not even half of what she owed.

Seterus has issued their approval letter for the short sale, accepting $111,500 net proceeds on the sale - for a discount of $182,500.

This means that this Everett homeowner paid off only 38% of the amount due on her Seterus mortgage - and the best news is that the short sale approval letter waived her of ever having to repay that deficiency balance!

You can read the Seterus short sale approval letter here: 4.19.12_Seterus_1st_Lien_183k_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/

IBM to Rebrand Their Mortgage Servicing Division as Seterus

Seattle Short Sales - Sunday, May 29, 2011

As reported in the HousingWire this week, International Business Machines (IBM) has announced that they will rebrand their mortgage servicing division, currently known as Lender Business Process Services (LBPS), as Seterus.

Here is the Seterus phone number: 866.570.5277
Here is their website address: https://www.seterus.com/index.aspx

IBM formed LBPS only just over a year ago, in March 2010, when they acquired Wilshire Credit Corp. from Bank of America. In that deal, BofA retained servicing rights while IBM gained the Wilshire core operating assets, including the operating platform and Wilshire’s 900 employees, based in Beaverton OR (just outside of Portland).

LBPS offers options for distressed homeowners through their participation in HAMP, and by offering other individualized solutions for borrowers, such as short sales. Their transition to the new brand Seterus will be effective as of July 9th, but IBM will launch a campaign to start to publicize the new brand in the coming weeks.

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

If you are a real estate agent, and would like to learn about our no-fee short sale service, please go to: http://seattleshortsales.com/agents/

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