Exception to the Norm
N/AOUTCOME: DIL & Short Sale for 2 properties - same person
Many people found themselves over-leveraged in the market around the beginning of 2009. A professional women who was trying to take care of her children had purchased an "investment property" for their ... benefit during the college years. Unfortunately, it was an adjustable rate 80/20, and her credit wasn't good enough to refinance when the 5 year arm hit. To make matters worse, she was working in the finance industry, and was laid off, looking for work. She came to us when she was trying to decide whether to proceed with bankruptcy or try some other options. We told her that our firm offers all the above: short sale, deed in lieu negotiating, modification, bankruptcy, etc... After three months of going back and forth, we were able to help her and her Realtor succeed in their negotiations with different lenders. One of the properties had a HELOC which made it slightly more difficult. In the end, the results spoke for themselves. 1 short sale and 1 deed in lieu, all in the same month.
