I recently closed on a Lawrence Short Sale located at 3 Woodland Drive, Unit 6 in the Tower Hill section of Lawrence. The property closed for $100,000. It was a townhouse of just over 1400 square feet in good shape. It offered a lot for the money.
A short sale was successfully negotiated on two loans. A first lien from Chase Bank and a second lien from Webster Bank. Both lien holders wrote the debt of as settled, allowing the seller to move on with no further recourse from either bank.
On top of the seller being released from the debt in the Lawrence Short Sale the seller also received $3,000 incentive as the first loan was owned by Fannie Mae (FNMA). If you have a Fannie Mae backed loan the requirement is that the debt from both lien holders are settled in the short sale as well as the seller may receive a small incentive to do the short sale.
If you have missed a mortgage payment or have been considering a short sale, give me a call at 978-360-0422. I will meet with you and discuss all your options to foreclosure as well as go over the short sale process. I can help you find a solution that is right for you. While short sales may not always be the easiest transaction, there are many benefits to doing a short sale over losing your house to foreclosure. Like this Lawrence short sale I just completed, the seller was able to walk away with no worry following her about the bank coming after the deficiency balance.
What did this Lawrence Short Sale have to say?
“Kevin was a great asset through our short-sale process. He is knowledgeable about the area, he let us know what to expect throughout the process, and he has a great team set up to take the transaction from listing to closing. Beyond his expertise, Kevin is responsive and wonderfully patient, always available to answer questions. I can recommend Kevin’s services with complete confidence.”
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