Avoid foreclosure. Another successful Short Sale Closing with Fifth Third Bank.

Mortgage amount: $185,000.00

Sales price: $87,500.00

Lender agreed to 3% in closing costs and a 6% commission.

Net to Lender: $77,078.00 (42% of amount owed)

Fannie Mae was the Investor and there was Mortgage Insurance (MI).

Challenges:

* The Mortgage Insurance company started out wanting $60,000 in any combination of cash and/or promissory note. We negotiated for 2 weeks. The Seller ended up bringing $1,000 to closing. No note.

* The first Buyer walked after keeping the property off the market for 60 days. The 2nd Buyer closed 38 days after going under contract.

Total time from placing the property on the market until closing: 205 days.

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I will keep you all updated. Thanks!

Hi all,

 

Just thought I would give an update... I was approved!! I found out on Dec 23 that my offer was accepted. I do have a second mortgage and am awaiting the information but I was told previously that I would be responsible for the difference of the loan which is approximately 26K. Any tips on how my realtor should go about negotiating this amount? Any tips/help is much appreciated!! I'm trying to finish this up and get moving on with my life!! :)

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