Beaverton Short Sale #11 Multiple Liens Multiple Headaches

Location: Owner occupied Property in Beaverton, Oregon

Total owed: $268,400 Multiple Liens and Multiple crap on title

Home was listed in July 2008 at $485,000 and reduced to $289,000 in January 2009. This is when we were called in to help. Divorce couple who HATED it other. I often say Short sales are a TEAM sport. I try to meet with both homeowners in a divorce situation and explain that I need both of their cooperation to complete the task at hand. It does not matter that the record collection was not split evenly or joint custody of the dogs was not granted by the judge. What matters is giving us your current financial picture and hardship so we can show the bank that if you were awarded the home you can not afford the payments by yourself.

I had the opportunity to look at the preliminary title before taking this case on. I thought “Oh boy” this will be fun.  I basically took this case on as a dare from the real estate agent. I saw two mortgage liens. the second of line of credit cash out. This is a key indicator that a promissory note could be issued at the time of short sale or bank will seek to pursue deficiency of what was owed and want amount they accept. In many cases at a minimum the 2nd wants 10% of remaining balance and the first says you get $3000 or nothing. In this case I thought we could pay the first in full and pay the 2nd more than 10%. The problem was a car lien from a credit union and a contractor lien that was satisfied but still showing on title. The other lien was the divorce attorney for the ex wife.

The transaction moved slowly because of lack of enthusiasm of the ex-husband who resided in California and the ex wife who enjoyed making everyone’s lives miserable. Much like kicking people out of your home at 3:00am after a New Years bash, you have to find out what motivates everyone to keep moving forward.

So here are the final numbers:

Client owed $390,000 on the 1st mortgage

6% Commission Approved real agent agents were so happy!

1st Mortgage $207,341 paid in full

2nd Mortgage received a healthy $26,091 recovered 43% of the $61,000 owed

Attorney get paid $3526.

Old contractor lien removed.

Old Car loan credit union received $1789.50 and a revised promissory note for their trouble

He bought home April 2004 and pulled cash out a few months later. I am so very excited to see that the Line of credit elected to settle payment in full with a full lien release of liability.

Home was listed August of 2007 for $329,000

If you can’t get your short sale property closed, don’t hesitate to give us a call. We have a Team approach that gets the job done! We would love to make your story the subject of our next case study!

Coastal Mitigation Partners
503-770-0050 Office