SALT LAKE CITY, UTAH – Here is a case study of a homeowner that wiped out $101,279 in upside down debt. They built a brand new home at the peak of the market. They were forced to sell for job relocation a few years later. They found themselves upside down, despite that fact that they had put over $50,000 down when they built their home.
They had no choice but to short sell the home. They put it on the market and it sold several months later. At first the lender wanted a promissory note.
But, they refused to accept it. The short sale was declined and the home was put back on the market. A few months later the home sold again.
The short sale was submitted to the lender. The seller’s told the lender that they would not accept a deficiency under any circumstance.
This time the lender approved the short sale with no deficiency or promissory note. According to our calculations the lender lost $101,279.60.
If the home owners had instead waited for the bank to foreclose and then sell the home, then they may have found themselves owing around $120,000 to $140,000.
Thinking about a short sale? I can help you short sale your property and never pay the bank another penny.
Send me an e-mail at forsiecity@gmail.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at (801) 651-0707
Discover how other sellers successfully completed a short sale and request a free consultation by calling me at 801.651.0707
Thinking about a loan modification? Our Utah loan modification kit has the instructions you will need to get a loan modification approved with your bank.
Thanks for reading this, Dave Forsberg.
Dave is a Real Estate Agent at Presidio Real Estate - Bountiful. Bountiful Short Sales Realtor:
Phone: (801) 651-0707.
Email: forsiecity@gmail.com.
Greater Salt Lake Short Sales. Real Help for those that need it most.
Need to sell immediately? We buy homes and condos in ANY Condition. Call me at 801.651.0707 for a free consultation.
David Forsberg specializes in loan modification assistance and short sales in Bountiful Utah. Bountiful Loan Modification Help, Bountiful Short Sales. Bountiful Short Sale Realtor Bountiful UT Short Sales. Utah Realtor.
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