The property:
This is a 3 bedroom 2 bath single family home located in Middleburg, Florida. The house was in good repair, except for some cosmetics items like old carpet and vinyl flooring. The lien holder was American Home Mortgage Servicing Inc and the balance was $153,000.
Hardship:
The loan was an ARM and the sellers couldn't refinance due to being upside down. The sellers were having difficulty keeping up the payment.
Short sale scenario:
You have to have patience when dealing with short sales, which with a phrase like short sale, you would expect quick and easy. Nope. Short sale ONLY applies to the house selling short of what's owed on the mortgage. Shucks! Anyway, this house was on the market for about 5 1/2 months from list date to closing. It took 3 offers before the final buyer stuck with the deal. The house sold for $105,000 and the buyers received a $2500 flooring allowance from the lien holder. The seller did not have to bring money to closing, or sign a promissory note. They also received a waiver of a deficiency judgment.
Other successful short sales I've completed:
- Wells Fargo Financial
- Navy Federal
- Litton Loan
- Wells Fargo
- Bank of America
- Select Portfolio Servicing, Inc
- HSBC
- Provident Funding
- Litton
Are you facing foreclosure? Call me at 904-910-3516 or email me at pam@pamgraham.com to discuss your options.
Pam lists and sells homes in Jacksonville, Orange Park, Green Cove Springs, Fleming Island, Middleburg,Ponte Vedra, Atlantic Beach, Neptune Beach, Jacksonville Beach, Orangedale, Fruit Cove, Switzerland and St Johns County Florida.
Are you facing foreclosure? Call Pam at 904-910-3516 to discuss your options.
Pam Graham with All Real Estate Options handles Jacksonville Florida short sales, Orange Park Florida short sales, Fleming Island Florida Short sales, Middleburg Florida short sales, Green Cove Springs Florida short sales, St Johns County Florida short sales, Ponte Vedra Florida short sales, St Augustine short sales, Palm Valley short sales, Duval County Florida short sales and Clay County Florida short sales.
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Mortgage Assistance Relief Services Disclosure
ALL Real Estate Options is not associated with the government and our services have not been approved by the government or your Lender. If you stop paying your mortgage you could lose your home and damage your credit. Your Lender may not agree to the change of your loan and/or a Short Sale.With a Short Sale, there are no guarantees offered and we cannot provide legal advice. Seek legal advice.
Pam....Congratulations on your Short Sale success!! With every successful Short Sale we get closer to stabalizing the market!! Congrats!!
Pam,
Congrats on your successful short sales.
I've completed two and I'm thankful I was able to.
I really like the picture of the home in Middleburg. Looks like a cool little place with a very nice lot.
Good luck with the rest of your short sales!
Bill MacBride