Angela & Jesus were stressed about their financial situation, he was not bringing enough money in to support their living expenses and the bills kept piling up. Not only were they unable to meet their financial obligations, but the addition he had started on the house was half way and with no hopes of being completed any time soon.
There total debt to Litton Loan (Servicing Company) was $259,350 the offer came in at $155,000 cash from an investor. Litton accepted the offer and the closing happened within five (5) business days. The net to Litton was $146,811.35.
Another successful short sale.
Thursday, December 27, 2007
Sunday, December 23, 2007
$179,000 Discount
Joy came to us a month before her sale date. She had a first mortgage for $364,000 and a second mortgage for $91,000 both with First Franklin.
The court had awarded First Franklin $393,347.63 on the first Mortgage. After contacting First Franklin, we submitted our Short Sale package. First Franklin then ordered the BPO (Brokers’ Priced Opinion) and we started the real negotiations. We received our Short Sale approval just days before the court sale. The deal was approved and was successfully closed netting $305,000 to First Franklin, $292,500 to pay off the first note and $12,500 to pay off the second note. Buyer paid all closing cost.
Note: During the negotiation process with First Franklin, we were fortunate and thankful to have our file assigned to Tim Devita. Tim was a pleasure to work with and extremely responsive. He shared our sense of urgency and compassion in resolving the hardship of the homeowner and was so instrumental in making the deal happen. Thanks Tim
The court had awarded First Franklin $393,347.63 on the first Mortgage. After contacting First Franklin, we submitted our Short Sale package. First Franklin then ordered the BPO (Brokers’ Priced Opinion) and we started the real negotiations. We received our Short Sale approval just days before the court sale. The deal was approved and was successfully closed netting $305,000 to First Franklin, $292,500 to pay off the first note and $12,500 to pay off the second note. Buyer paid all closing cost.
Note: During the negotiation process with First Franklin, we were fortunate and thankful to have our file assigned to Tim Devita. Tim was a pleasure to work with and extremely responsive. He shared our sense of urgency and compassion in resolving the hardship of the homeowner and was so instrumental in making the deal happen. Thanks Tim
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