Serving Northwest Florida's Beaches

“And they will give you money even if you have defaulted on the loan?”

Short Sale Approvals — Week of 7/20-8/3

  1. Property purchased in 2007 for $745,000
    Presented purchase contract to 1st (Wells Fargo) and 2nd (Wells Fargo HELOC) for $430,000
    Short sale approved under HAFA with full deficiency waiver from 1st and 2nd
    Seller received $3000 out of proceeds of sale for “relocation assistance”
  2. Property purchased in 2003 for $499,000
    Presented purchase contract to 1st (Regions Bank) and 2nd (Regions Mortgage) for $335,000
    Short Sale approved with settlement on $110,000 deficiency (1st) of $10,750 cash at closing and the signing of a $10,750 unsecured note at 0% interest paid over 10 years, and settlement of $138,000 deficiency (2nd) of $82,800 cash at closing and signing of a $34,000 unsecured note at 0% interest paid over 10 years.

About Daniel

Daniel S. Frankfurt is an attorney admitted to the bar in Florida and California. Daniel focuses on short sales and loss mitigation alternatives.
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