A divorcing Pontiac couple owed $138,000 on a home worth approximately $115,000-$120,000 in the current market. Neither spouse wanted the home, neither could afford the mortgage alone, and the home had been on the MLS for 4 months without offers at their break-even price of $140,000.
A traditional sale couldn't close the gap. The couple needed lender approval to accept less than the outstanding balance (a short sale). Their divorce couldn't be finalized until the home was resolved. Foreclosure would devastate both parties' credit.
7 Lakes Properties offered $118,000 and submitted a complete short sale package to their lender on the couple's behalf. We handled all lender negotiations, provided the required hardship documentation, and managed the approval process.
The lender approved the short sale at $118,000 after 42 days of negotiation. Closing occurred 26 days later. Both spouses were released from the mortgage deficiency. Their divorce was finalized 2 weeks after closing. Neither party had to pay out-of-pocket at closing. Both parties' credit impact was a short sale notation — recoverable in 3-4 years — rather than a foreclosure.
"7 Lakes Properties got our lender to say yes when we couldn't even get them to call us back. That made everything possible."— The Jackson Family, Pontiac MI
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