Successful Shorts
38th St. Springfield, OR
Number of Mortgages: One
Date Submitted: February 19, 2009
Date of Bank Appraisal: March 17, 2009
Date Closed: May 7, 2009
Total Payoff: $178,000
Total Discounted Payoff: $116,750
Total Debt Forgiveness: $61,250
Homeowner Paid: -$0- Always
The Rest of the Story: Mark and his wife were both working and enjoying their lives together when a devastating event occurred. Mark was in a car accident leaving him unable to work and support his family. The couple went from a comfortable two income home to one. Facing foreclosure and owing a lot of money on their property plus enormous medical bills, Mark and his wife contacted The Short Sale Doctors for help. In just a little less than three months, the couple experienced great relief as there was no money owed to the lender and the short sale had closed.
A St. Springfield, OR
Date Submitted: April 9, 2009
Date of Bank Appraisal: Drive by only
Date Closed: August 3, 2009
Total Owed: $171,196
Discounted Payoff: $117,273
Total Debt Forgiveness: $53,923
Homeowner Paid: -$0- Always!
The Rest of the Story: Brought to us by a Realtor, this couple was having difficulties finding work. The wife ran a daycare that wasn’t going well and the husband had been laid off and unable to find work. With one child and another along the way, the couple knew they had to do something. We were able to successfully complete the short sale. The lender forgave more than $50,000 of the debt and the sellers are currently carrying a note at 0% for $52.00 per month.
Maple St., Junction City, OR
# of Mortgages: Two
Date Submitted: January 26, 2009
Date of Bank Appraisal: Feb. 18, 2009
Date Closed: May 11, 2009
Total Owed: $180,848
Discounted Payoff: $84,477
Total Discount: $96,371
Homeowner Paid: -$0- Always
The Rest of the Story: The Owner owned and lived in the house for 8 years. He had bought another house and with the two, he fell behind on payments and was near bankruptcy. In effort to stay afloat, he sold his other house and moved into this one. When the Short Sale Doctors were brought into the picture, the owner was able to successfully avoid foreclosure and save his credit. This home was distressed and SP Eugene replaced the roof as well as upgraded the plumbing and fixed the dry rot.
Meadow Lane, Creswell, OR
# of Mortgages: One
Date Submitted: Feb. 19, 2009
Date of Bank Appraisal: Feb. 28, 2009
Date Closed: June 6, 2009
Total Owed: $184,524
Discounted Payoff: $104,001
Total Debt Forgiveness: $80,523
Homeowner Paid: -$0- Always
The Rest of the Story: The owners were a young couple facing a rising mortgage payment and medical bills as their second child was on the way. Working with two different companies to modify their mortgage, they were finding only frustration. We were able to sell their house in two months and ten days–one of our fastest short sales to date. During the process the couple was offered a mortgage modification. They turned it down because they realized they did not want continue to be $50,000 underwater in their mortgage debt anymore since the lender would only lower the interest rate but not the balance due. (This is normal for loan mods). We were able to get a complete satisfaction of debt. You can read Scott and Chelsea’s letter of appreciate on the lower right-hand column of this website.
Pacific Ave., Springfield, OR
# of Mortgages: Two
Date Submitted: February 20, 2009
Date of Bank Appraisal: April 7, 2009
Date Closed: May 6, 2009
Total Owed: $155,310
Discounted Payoff: $99,284
Total Discount: $56026
Homeowner Paid: -$0- Always!
The Rest of the Story: The homeowner had lost her job and could not find more work except irregular, part-time jobs. She had been very frustrated because her home would not sell. Though it had been listed as a short sale for over six months and she had received several offers from buyers, all of them backed out because it was taking too long to work things out with her lenders. So, she came to us and we were able to move quickly to get it closed. Even though she was unable to get 100% satisfaction of the debt of the debt she was grateful to have this terrible house situation off her back.
Polk Ave., Cottage Grove, OR
# of Mortgages: One
Date Submitted: February 17, 2009
Date of Bank Appraisal: April 21, 2009
Date Closed: June 9, 2009
Total Owed: $180,651
Discounted Payoff: $70.086
Total Debt Forgiveness: $110,565
Homeowner Paid: -$0- Always!
The Rest of the Story:Unable to find work due to a job loss, this young family of three was struggling financially. We were able to secure the short sale, sell their house and get them a release from debt. They owed $180,000 and the lender accepted an offer for $81,000. The family greatly benefited and walked away to a fresh start.
Quail Meadow Way, Eugene, OR
# of Mortgages: Two
Date Submitted: April 9, 2009
Date of Bank Appraisal: April 27, 2009
Date Closed: June 29, 2009
Total Owed: $603,503
Total Discounted Payoff: $412,221
Total Debt Forgiveness: $191,282
Homeowner Paid: -$0- Always!
The Rest of the Story: When this couple originally purchased this beautiful, 3900 sq. ft. house they knew that they had found their dream home. It was big, attractive and had everything they had ever wanted. What seemed like a great investment, however, turned out to be a great burden. The couple’s marriage began to crumble as they were not able to afford to keep up on the mortgage payments. They decided to separate. with thoughts of filing for bankruptcy, a Realtor referred them to us. In a quick turnaround, the couple was able to walk away without any debt hanging over their heads and got almost $200,000 forgiven from their loans. Sadly their marriage did not fair as well.
Van Ave., Eugene, OR
# of Mortgages: Two
Date Submitted: January 31, 2009
Date of Bank Appraisal: April 1, 2009
Date Closed: July 8, 2009
Total Owed: $265,681
Discounted Payoff: $125,953
Total Debt Forgiveness: $139,728
Homeowner Paid: -$0- Always!
The Rest of the Story: The owner had a great job and was doing quite well. After raising her family here, she realized her home was too big for just her. She refinanced and pulled all the equity out of house. Unfortunately she ended up over leveraging it and paying $2300 a month on a $170,000 house. These large payments were eating into her savings and she knew she had to downsize her life because she would not be able keep up on her payments. Already moved out and willing to face foreclosure, it wasn’t until we contacted her with a way out of her dilemma. The homeowner’s goal was to walk away without anything hanging over her head, and she did.
Kesling, Eugene, OR
# of Mortgages: Two
Date Submitted: May 14, 2009
Date of Bank Appraisal: June 1, 2009
Date Closed: August 15, 2009
Total Owed: $138,082
Discounted Payoff: $85,362
Total Debt Forgiveness: $52,720
Homeowner Paid: -$0- Always!
The Rest of the Story: This homeowner found us through his real estate agent in mid-May. He was a self-employed carpet cleaner that had a successful business working for a number of the RV manufacturers in the area. When the RV industry tanked he found himself making very little or no money. After working diligently with his lenders we were able to relieve him of his mortgage debt and get his $52,720 debt forgiven. Now that his house has sold he is working to rebuild his credit and his business without the threat of foreclosure hanging over his head.
Hunsaker St., Eugene, OR
Number of Mortgages: One
Date Submitted: April 16, 2009
Date of Bank Appraisal: July 8, 2009
Date Closed: September 2, 2009
Total Payoff: 181,190.02
Discounted Payoff: 78,825.47
Total Discount Forgiven: 102,364.55
Homeowner Paid: -$0- Always!
The Rest of the Story: In this situation the homeowner came directly to us. She was a young mortgage broker and real estate investor that got in a over her head while real estate was hot. When the market turned she lost her job and the rent she collected from the house tenants didn’t cover her monthly payments. Her tenants moved out of the house and she was in over her head. We were able to complete the short sale swiftly and she has since moved back to her home state where she can start over with without a foreclosure.
Thurston St., Springfield, OR
Number of Mortgages: Three
Date Submitted: May 18, 2009
Date of Bank Appraisal: June 9, 2009
Date Closed: September 10, 2009
Total Payoff: 263,617.44
Discounted Payoff: 127,417.36
Total Discount Forgiven: 136,200.08
Homeowner Paid: -$0- Always!
The Rest of the Story: The homeowner lost her job and had to move out of state for a new job. With the additional cost of finding a place in her new location she was unable to continue making the payments on the house. Because of the economy and a structural issue with the home, it could not sell for what was needed to cover the mortgage balance. Stewardship Properties was able to not only buy the house but to make the necessary repairs so the new homeowner could get a loan to buy the house themselves. The Short Sale Doctors secured debt forgiveness of $120,885.39 to free the homeowner to move on with her life without this burden hanging over her head.
Yew St., Redmond, OR
# of Mortgages: One
Date Submitted: August 4, 2009
Date of Bank Appraisal: August 13, 2009
Date Closed: September 23, 2009
Total Owed: $213,000
Discounted Payoff: $91,000
Total Discount Forgiven: $122,000
Homeowner Paid: -$0- Always!
The Rest of the Story: This short sale was brought to us about a week before the auction. The owners had experienced a significant loss of income and realized their backs were against the wall. This was complicated by the fact that the property was extremely over leveraged in one of the hardest hit real estate markets in Oregon–Redmond. We rushed and submitted a complete short sale packet three days before the auction and got an extension. We received a short sale approval in just a month after submission. The homeowner avoid a foreclosure on their credit and the lender agreed to a final and full settlement of debt.
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