Both mortgage holders took huge losses in this case. Despite this being a rental property, we were able to ensure no promissory note, no deficiency judgment, and only $2,000 out of pocket expense for the seller.
“In 2007, our family has to relocate to Georgia for family and business reasons. We rented our property out to a friend, who stopped making the rent less than a year after moving in. We could not afford to pay both the mortgage in Maryland and our home in Georgia, so we had to stop paying the mortgage in MD. The mortgage company was calling us on a daily basis.
We contacted Dan in July of 2009, he fully explained his process and how everything would work. He was also very helpful in explaining to us the difference in a short-sale vs. foreclosure, and the effects it could have on our credit. We decided to go ahead with the short-sale process. After we signed the contract for Dan to sell our house, the calls from the mortgage company went from once a day to maybe once a week. Dan marketed our house extremely well. We were very impressed withthe video and everything he did to present our home to possible buyers.
The property went on the market the first week in August of 2009 and by November 2009 we had our first; and ending up being selling offer.
Ivy at Acacia Loss Mitigation was very helpful in filling out the paperwork for the mortgage company. She was also able to explain how the negotiations with the mortgage company would work. Ivy was able to negotiate with our first and second mortgage company and we closed on the property on December 30, 2009.
We are very, very pleased with the services that both Dan at Execuhome and Ivy at Acacia Loss Mitigation provided us and would highly recommend them to anyone who is faced with the difficult decision of letting their home go.”
– Michael & Alicia D.
