Tuesday, January 4, 2011

HSBC and Wells Fargo Approve Navarre FL Short Sale

This home in Tom King Estates, Navarre Florida, has been approved for short sale.

The senior lien, Wells Fargo, had a balance of $230,000

The junior lien, HSBC, had a $65,000 balance.

The sale price was about $185,000, so there were not enough funds to fully pay the senior lien. In these short sale scenarios, the senior lien will normally pay an amount to satisfy the junior lien. The "junior" might only release its lien, not waive the deficiency.

Initially, HSBC requested $6000 to approve the short sale. Wells Fargo, the senior lien, would only pay them $3700. HSBC asked the seller to bring $1500 in additional funds. The seller agreed, and the deficiency was waived by both Wells Fargo and HSBC.

If you need to avoid foreclosure by short sale for your home in Navarre, Florida, contact an experienced Navarre short sale agent.

It's Wendy!

Wendy Rulnick, Broker, Rulnick Realty, Inc.

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: [email protected]

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