Short Sale Success Story: Negotiation on Both 1st and 2nd Liens -- Encino, CA

We negotiated this short sale and obtained a bank short sale approval for a house in Encino, CA. The owners bought this house as an Investment property in 2004 for $1,400,000, obtained financing with two loans totaling for $1,370,000. Later, the owner obtained permits to split the lot so she could build a 2^nd house on the lot. Unfortunately, the market took a dive and the owner couldn’t raise the necessary cash to complete the constructions. It came to a point that the owner was “bleeding” over $12,000/month after leasing the house for $4,000/month. The owner drained all her cash reserves and had to stop making the payments. She was on a route to foreclosure. I Short Sale, Inc negotiated the short sale for $810,000. The 1st lien holder’s balance was over $1,000,000. The 2nd lien holder balance was $370,000 with a deficiency rights. All lien holders were agreed to the losses so the owner could sell the place and have a fresh start clean from no debt. Call us 877-907-4678 or info@ishortsale.com

Lender references have been removed from the above to protect lenders' proprietary rights.