Green Tree Short Sale Approved – Short Sale Case Study

Short Sale Case Study: 12338 Knightsbridge Dr, Woodbridge, VA 22192

Find out how this Woodbridge, VA homeowner was able to avoid foreclosure on his home by getting his lender to accept a short sale.

Property Location: 12338 Knightsbridge Dr, Woodbridge, VA 22192

1st Lender: Ocwen Loan Servicing, LLC

2nd Lender: Green Tree Mortgage (Ditech Financing,LLC).

Hardship: The man had been affected by a series of bad events which were unprecedented. First, the devaluation of homes in Knightsbridge county. Seven months after he bought his house, he was underwater. He also made a mistake by not reading the terms of the loan and opted for a wrong choice of fixed mortgage.

This got complicated in mid 2009 when he got hit by an uninsured motorist. He had to have plastic surgery on his face and nose. It was so serious that it left him with a severe head and neck trauma and his foot was torn completely off the ankle. He was taken to the hospital but couldn’t complete surgery due to financial reasons, as he had no medical insurance.

To download a copy of the 1st short sale approval letter, click here

In 2011, his daughter also had an accident in which her ACL was torn. They had to promptly come up with $15,000 since there was no medical insurance. Being a self-employed man, his business started dwindling during this time coupled with mortgage payments draining his savings and IRA.

He and his family had no other option but to do a short sale, as foreclosure was already looming.

Result
  1. First lender

Purchase price of the property: $340,000.00

Discounted payoff: $269,910.50

Deficiency: $70,090

A total of $70,090 waived

  1. Second lender

Total second mortgage debt: $75,436.95

Settlement accepted: $5,868.00

Debt forgiveness: $69,568.00

Summary: After two serious accidents in his family, this homeowner’s business went down and he found himself unable to pay his mortgage. He had significant debt on two mortgages. We worked together and he was able to negotiate a successful short sale with Ocwen. Getting up to $140,000 waived by his two lenders, the seller was also able to receive an Occupant Relocation Assistance amount of $10,000.00 from Ocwen.

We are a team of experienced and successful real estate specialists dedicated to working with distressed homeowners. In the last 6 years, we have negotiated over 65 short sale approvals, and discounted $19 million of mortgage debt for distressed homeowners. In addition to our short sales negotiators, our team includes dedicated professionals advising and advocating for homeowners in the fields of: loan modifications, bankruptcy, debt settlement and collection defense. If you are a homeowner who is struggling to make ends meet, it is important to find out about what options are available to you, For a free, no-obligation consultation, tell us about your situation or call us directly at (703) 212-3344.

Nationstar Short Sale Approved – Short Sale Case Study

Short Sale Case Study: 21764 Tottenham Hale Ct, Sterling, VA 20166

Find out how this Sterling, VA homeowner was able to avoid foreclosure on his home by getting his lender to accept a short sale.

Property Location: 21764 Tottenham Hale Ct, Sterling, VA 20166

1st Lender: Nationstar Mortgage

2nd Lender: Fulton Bank

Hardship: This homeowner got laid off in June 2015 after years of working as an IT professional. He wasn’t able to find a new job and his wife was not working. So, paying up his mortgage became difficult as even meeting daily needs was becoming tough.

To download a copy of the 1st short sale approval letter, click here

His savings had been exhausted and there was no other way to avoid foreclosure but to pursue a short sale.

Result
  1. First Lender

Approved selling price: $380,000.00

Payoff: $329,778.00

Deficiency: $50,222.00

A total of $50,222 waived

  1. Second lender received $12,000.00

SUMMARY: After the homeowner got laid off, he found it hard to secure a new job and since his wife was also not working, he couldn’t make his mortgage payments. We worked together and he was able to negotiate a successful short sale with his two lenders.

We are a team of experienced and successful real estate specialists dedicated to working with distressed homeowners. In the last 6 years, we have negotiated over 65 short sale approvals, and discounted $19 million of mortgage debt for distressed homeowners. In addition to our short sales negotiators, our team includes dedicated professionals advising and advocating for homeowners in the fields of: loan modifications, bankruptcy, debt settlement and collection defense. If you are a homeowner who is struggling to make ends meet, it is important to find out about what options are available to you, For a free, no-obligation consultation, tell us about your situation or call us directly at (703) 212-3344.