This Vancouver, WA, homeowner avoided foreclosure through a short sale. He owed over $612,000 on his Bank of America mortgage, but his home was valued at only $405,000.
Bank of America has just issued their approval letter for the short sale, accepting $361,399 net proceeds on the $612,000 principal balance owing (not including arrears) - for a total discount of $276,000. The short sale approval letter waived the Vancouver homeowner of ever having to repay that deficiency.
You can read the Bank of America short sale approval letter here: 11.30.12_Bank_of_America_1st_Lien_276k_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/
Unrivaled Results: 1,604 Approvals | $156,545,635 in Debt Settled
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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.
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Recent Posts
- Ten Frequently Used Short Sale Terms: A Guide
- Millions of HELOCs To Reset: Are Borrowers Prepared?
- Foreclosure Alternatives: Home Retention, Home Forfeiture and Bankruptcy. Everything You Need to Know!
- Recent HAFA Changes Bring it and Freddie Mac's "Standard Short Sale" Programs Closer
- Negotiating it Right: Three Years Later, One Third of HAMP Loan-Mods are Redefaulting
- Debt Settlement Part 2: Two Real-Life Examples of Creditors Accepting Much Less Than The Total Balance Owing
- Stats for Seattle Area Not Good: Percentage of Homes Underwater and Delinquency Rates Both Higher Than National Averages
- New Revised Guidelines for Washington’s Foreclosure Fairness Program
- Debt Settlement Part 1: The Difference Between Debt Settlement and Debt Consolidation
- How Does a Short Sale or a Foreclosure Affect My Credit Score?
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