Case Study: In Gilbert Owed $227k to Bank of America

Location:  Gilbert, AZ

Details:  Owner had one loan on his property.

  1. First loan had a balance of approximately $227,000.
  •  Total owed against the property:  $227,000
  •  Our client’s house was short sold for $110,000.

Scenario:  This owner only had one loan against the property, so it was arguable that if the property were to go to foreclosure, the seller very well may be protected from the lender filing a deficiency and collecting on the difference from the seller.  However, our objective remains the same.  And that is to ensure that the 1st lien holder puts in writing on their short sale approval letter that they waive their rights to ever come after the seller and pursue a deficiency judgment against them.  That way there is no question of the outcome as it is crystal clear.  The seller would never have to ever worry about someone’s interpretation of state law in the future as it would be in black ink on the approval letter we were to negotiate from the lender.

Outcome:  Please see the attached SHORT SALE APPROVAL LETTER proving the details of our successful negotiations on this short sale.  We were able to get full debt relief for our client (seller) protecting him from ever being pursued for the difference the banks settled on.  We also were able to ensure that this short sale was successfully settled without the seller having to make any contribution to the lender, as sometimes even first lien holders will try to take a hard-line negotiating stance in order to get the seller to contribute to their loss.  We didn’t allow this to happen.

Recap:  Our client, the seller was able to walk away from $117,000 ($227,000-$110,000) of mortgage debt for NOTHING!  ZERO out of pocket dollars!!!  All because he decided to pick up the phone and contact Kelly Cook and the Kelly Cook Real Estate Group.  We have many other examples just like this we would love to share with you as well.  We truly are short sale specialists working the entire Greater Phoenix, AZ area and would love to speak with you today about your current situation and how we can help!  Call today!

Actual Approval Letter

Click for full Letter

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