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