J. in Vancouver. Seller’s rental property had been listed for sale for more than two years without an offer. A foreclosure sale date was scheduled. This former million dollar property was now worth less than $700K. If the first mortgage creditor were to foreclose, the seller would be obligated on the unpaid balance on the $295K second mortgage. The seller had multiple rental properties and was considering bankruptcy to avoid any repayment demands.
RESULT: RRLG received short sale approval within 36 days of the offer being submitted. RRLG successfully negotiated an agreement by the first mortgage to accept 64% of their debt and release the seller of the remaining debt of more than $200K. The $295K second mortgage creditor accepted $30K (paid from the funds that would have gone to the first mortgage) and agreed to release the seller on the $250K balance due on the debt.
R. in Camas. The seller had many medical issues that caused a significant reduction in income. They owed $875K to the first mortgage; the mortgage creditor agreed to accept $606K at closing BUT they wanted a $100K promissory note to release the rest of the $235K debt.
RESULT: Instead of the requested $100K promissory note, RRLG negotiated a one-time seller cash payment of $10K to release the remaining $325K debt owed on the first mortgage. RRLG obtained this approval within 47 days after the offer was submitted.
C. in Ridgefield. The seller’s loan was insured by a private mortgage insuring company who required them to repay all or some part of the estimated claim loss of approximately $60K.
RESULT: RRLG negotiated a promissory note for $5K or 10% of their remaining balance and the private mortgage insuring company released them of the remaining debt of approximately $50K.
M. & A. in Vancouver. As many do, this transaction had real problems before arriving at RRLG’s office. The mortgage company erroneously closed the short sale file three times in the course of five months (thinking the short sale would not occur, among other things). The seller had relocated to California and had considered giving up and letting the property go into foreclosure.
RESULT: RRLG worked on this property for 342 days. The buyer’s exceptional patience paid off. RRLG negotiated a short sale that released the seller of all remaining debt due on the home.
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