We had a recent short sale
where Nation Star serviced the first mortgage, there was no second mortgage and
Fannie
Mae was the investor. As is usual with Nation Star they demanded the
seller / borrower contribute to the short sale
with either a cash contribution or carry a promissory note. Because we are
aware of both California state law and Fannie Mae
guidelines, we pushed back and were successful in having Nation Star retract
their demand for seller participation and closed the short sale
in less than 30 days. The seller was able to walk away from $280,000 in debt,
owe no income taxes on the debt forgiveness and have a fresh start financially.
If she takes care of her credit she will be able to buy a house similar to the
one she sold for about $100,000. Her payments would be cheaper than renting a 2
bedroom apartment. How do you beat a deal like that? The best part was, while
she took a small hit on her credit, by not making the mortgage payment for 3
months she was able to save enough to cover all her moving expenses and then
some. Not a bad deal in my book.
If you want to learn about your
options and how we can help, call me today. To get a better idea of when your West
Sacramento home will be worth what you owe, log in to www.shortsaleandloanmod.info
for a free estimate or call me today for a free no obligation consultation.
Call me today and sleep better tonight; you’ll be glad you did
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