Thursday, September 15, 2011

Emerald Lakes, Destin Florida Short Sale Approved


Destin Florida short sales
This home in Emerald Lakes, Destin Florida, was just approved for short sale.  An uncommon scenario, it had three liens.  The first was an IndyMac mortgage, the second, a Bank of America home equity line, and the third, a judgment from another creditor. 
The seller’s attorney said the short sale could not be accomplished, especially with waiver of deficiency.  We succeeded, however.  Here are the details for this Emerald Lakes, Destin Florida short sale:
Original purchase price - $490,000 in 2005
IndyMac - balance - $350,000
Bank of America - balance -  $50,000
Judgment Lien - $40,000 Note: Judgments in Florida may attach to all the borrower’s Florida real estate, even if unrelated to the property or even if a homestead property
Sale Price - $260,000 appr
Notes: Since the property was owner-occupied, we asked IndyMac if they would consider the HAFA program, which is beneficial to sellers who are doing short sales, as it grants a waiver of deficiency. IndyMac said they were not participating in the HAFA program.  They referred their short sale processing to a company called Service Link.  Service Link kindly reduced the agents’ commissions by 1% and placed a 1% “service fee” on the settlement statement to pay themselves.  The file was approved with a small credit for buyer’s closing costs and waiver of deficiency.
Bank of America approved the short sale after initial numerous delays in “outreach” seeking participation  in the HAFA program.  The seller rejected HAFA twice by phone, as IndyMac would not participate. The file had to be re-initiated three times.  Bank of America waived deficiency for $2700.
The third lien, the creditor judgment, released its lien for $1000.
Total time for this short sale approval?  About 60 days.
If you are considering short sale to avoid foreclosure in Destin Florida, consult an attorney and an experienced Destin short sale agent.  We can write your success story together.
It's Wendy!
Wendy Rulnick, Broker
Rulnick Realty, Inc.

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