SHORT SALE SUCCESS: A TRUE STORY

A homeowner facing a huge increase in her mortgage payment.

Short sold a home in World Golf Village.

Never missed a mortgage payment.

Process took about 30 days.

Seller bought a new, more affordable home just 6 months later.

No tall tale here. This is a true story of how a well-executed short sale can have a happy ending. Della Myers, a Real Estate Agent herself, saw the writing on the wall. Her 2004 purchase of a World Golf Village home was at the height of the market. The lender assured her that she could simply refinance (buoyed by all the equity she would gain from the robust market) before her low monthly “teaser” rate adjusted dramatically higher.

But the market changed. Della tried to get out in front of things. She knew her rate adjustment was coming and she would not be able to afford it. She put her home on the market but to no avail. She lowered the price and re-listed it. Again no bites. She couldn’t refinance because her home’s value was plummeting and would eventually end up appraised for about 50% less than she paid. Della knew a Short Sale, when the lender/bank agrees to take less for the home than the original loan value in order to avoid foreclosure, was her only hope. Read more