Scenario
The owner of this Scottsdale home had two liens against the property. In order to prevent her going into foreclosure, we had to get the two lien holders to agree to this short sale. What happened in this case, was VERY RARE. Through consistent communication, negotiation and diligence with the two lien holders and buyer’s agent, we were able to get the first lien holder to agree to a buyer’s contribution to the SECOND lien holder, in the amount of $49,950…and we were able to negotiate the buyer to pay for the $49,950 on behalf of the seller to make the deal happen!!! It is EXTREMLY RARE that the first lien holder allowed this to transpire, but our contacts, reputation, and persistence helped get this done. We were able to relieve our seller from having to contribute any amount of money from her pocket to get this done!
- First Loan had a balance of $916,907
- Second Loan had a balance of $335,000
Outcome
Please see the bellow SHORT SALE APPROVAL LETTERS proving the details of our successful negotiations on this short sale. We were able to get full debt relief for our client (seller) protecting him from ever being pursued for the difference the banks settled on. Because the loan balance was so high, the second lien holder did require a contribution from the seller. However, we were able to negotiate the buyer contributing this balance and were able to get the first lien holder to approve this!
Recap
Our client, the seller was able to walk away from $1,251,907 of mortgage debt! And… with no fees paid for out of her pocket either! I know it sounds too good to be true but it’s not, we can do this for you as well. All because she decided to pick up the phone and contact Kelly Cook and the Cook & Associates Real Estate Advisors. We have many other examples just like this we would love to share with you as well. We truly are short sale specialists working the entire Greater Phoenix, AZ area and would love to speak with you today about your current situation and how we can help! Call today!