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Approval Letter

Case Study: In Cave Creek Owed $915k to Green Tree and Chase

Location:  Cave Creek, AZ

Details:  Owner had two loans on his property.

  1. First loan had a balance of $665,000.
  2. Second loan had a balance of $250,000.
  • Total owed against the property:  $915,000
  • Our client’s house was short sold for $465,000.

Scenario:  This owner did not have protection under Arizona’s anti-deficiency statute.  Therefore, it was paramount that Kelly Cook and the Kelly Cook Real Estate Group negotiate well with the 2nd lien holder to not only grant a release of the lien on the 2nd loan; but to also and most importantly, get protection for our client (seller) by having the 2nd lien holder provide full mortgage debt relief and satisfaction.  Our main objective was to ensure that the 2nd lien holder waive their rights to ever come after the seller and pursue a deficiency judgment against them.

In many cases like this, there is a very good chance that the 2nd lien holder will ask for some sort of cash contribution toward their loss.  This number can vary dramatically, but a general rule of thumb is that the lender will ask for some amount equal to 10% of the outstanding loan balance.  The lender does this because they know they have leverage due to the fact they will have legal recourse to come after the seller if the property forecloses.  If this occurs, we use all of our techniques and experience of completing 300+ short sales to do all that we can to minimize this contribution amount for the seller.

Outcome:  Please see the attached SHORT SALE APPROVAL LETTER proving the details of our successful negotiations on this short sale.  We were able to get full debt relief for our client (seller) protecting him from ever being pursued for the difference the banks settled on.  In addition, we were able to negotiate a ZERO $0.00 contribution from the seller to bank!  $250,000 balance settled for only $9,000!  And… we were to negotiate $9,000 from the 1st lien holder to cover the $9,000 demand the 2nd lien holder required!  The seller got out from under all of his mortgage debt for ZERO, nothing out of pocket whatsoever!

Recap:  Our client, the seller was able to walk away from $450,000 of mortgage debt for absolutely NOTHING… not one dollar out of pocket!  All because he decided to pick up the phone and contact Kelly Cook and the Kelly Cook Real Estate Group.  We have many other examples just like this we would love to share with you as well.  We truly are short sale specialists working the Greater Phoenix, AZ area and would love to speak with you today about your current situation and how we can help!  Call today!

Actual Approval Letters

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Case Study: In Gilbert Owed $227k to Bank of America

Location:  Gilbert, AZ

Details:  Owner had one loan on his property.

  1. First loan had a balance of approximately $227,000.
  •  Total owed against the property:  $227,000
  •  Our client’s house was short sold for $110,000.

Scenario:  This owner only had one loan against the property, so it was arguable that if the property were to go to foreclosure, the seller very well may be protected from the lender filing a deficiency and collecting on the difference from the seller.  However, our objective remains the same.  And that is to ensure that the 1st lien holder puts in writing on their short sale approval letter that they waive their rights to ever come after the seller and pursue a deficiency judgment against them.  That way there is no question of the outcome as it is crystal clear.  The seller would never have to ever worry about someone’s interpretation of state law in the future as it would be in black ink on the approval letter we were to negotiate from the lender.

Outcome:  Please see the attached SHORT SALE APPROVAL LETTER proving the details of our successful negotiations on this short sale.  We were able to get full debt relief for our client (seller) protecting him from ever being pursued for the difference the banks settled on.  We also were able to ensure that this short sale was successfully settled without the seller having to make any contribution to the lender, as sometimes even first lien holders will try to take a hard-line negotiating stance in order to get the seller to contribute to their loss.  We didn’t allow this to happen.

Recap:  Our client, the seller was able to walk away from $117,000 ($227,000-$110,000) of mortgage debt for NOTHING!  ZERO out of pocket dollars!!!  All because he decided to pick up the phone and contact Kelly Cook and the Kelly Cook Real Estate Group.  We have many other examples just like this we would love to share with you as well.  We truly are short sale specialists working the entire Greater Phoenix, AZ area and would love to speak with you today about your current situation and how we can help!  Call today!

Actual Approval Letter

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Case Study: In Scottsdale Owed $542k to Wells Fargo

Location:  Scottsdale, AZ

Details:  Owner had two loans on his property.

  1. First loan had a balance of approximately $415,000.
  2. Second loan had a balance of approximately $127,000.
  • Total owed against the property:  $542,000
  • Our client’s house was short sold for $215,000.

Scenario:  This owner did not have protection under Arizona’s anti-deficiency statute with their 2nd loan.  Therefore, it was paramount that Kelly Cook and the Kelly Cook Real Estate Group negotiate well with the 2nd lien holder to not only grant a release of the lien on the 2nd loan; but to also and most importantly, get protection for our client (seller) by having the 2nd lien holder provide full mortgage debt relief and satisfaction.  Our main objective was to ensure that the 2nd lien holder waive their rights to ever come after the seller and pursue a deficiency judgment against them.

In many cases like this, there is a very good chance that the 2nd lien holder will ask for some sort of cash contribution toward their loss.  This number can vary dramatically, but a general rule of thumb is that the lender will ask for some amount equal to 10% of the outstanding loan balance.  The lender does this because they know they have leverage due to the fact they will have legal recourse to come after the seller if the property forecloses.  If this occurs, we use all of our techniques and experience of completing 250+ short sales to do all that we can to minimize this contribution amount for the seller.

Outcome:  Please see the attached SHORT SALE APPROVAL LETTER proving the details of our successful negotiations on this short sale.  We were able to get full debt relief for our client (seller) protecting him from ever being pursued for the difference the banks settled on.  Because their loan balance was so high ($127,000), the lender did require a contribution from the seller.  We were able to negotiate this down as low as 9% of the loan balance for a settlement of $11,000 –AND- negotiate $6,000 of it to come from the 1st lien holder!  However, because the seller didn’t have any money to give the bank, we were able to negotiate a 0% interest promissory note for $7,500 paid out over 5 years making the monthly payment very manageable for the sellers.  That is a total of $13,500 we were able to settle with the 2nd lien holder (with only $7,500 the responsibility of the sellers) to get out from under their mound of debt of $127,000 completely free and protected!  The seller literally took out the 2nd loan of approximately $127,000 and spent that money at their discretion; then were able to settle that debt completely by only having to pay back $7,500 of it on the short sale.

Recap:  Our client, the seller was able to walk away from $327,000 ($542,000 – $215,000) of mortgage debt for only $7,500 paid out over 5 years at 0% interest!!  All because he decided to pick up the phone and contact Kelly Cook and the Kelly Cook Real Estate Group.  We have many other examples just like this we would love to share with you as well.  We truly are short sale specialists working the entire Greater Phoenix, AZ area and would love to speak with you today about your current situation and how we can help!  Call today!

Actual Approval Letter

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Case Study: In Phoenix Owed $665k to ING

Location:  Phoenix, AZ

Details:  Owner had one loan on his property.

  1. First loan had a balance of approximately $655,000.
  • Total owed against the property:  $655,000
  • Our client’s house was short sold for $378,000.

Scenario:  This owner only had one loan against the property, so it was arguable that if the property were to go to foreclosure, the seller very well may be protected from the lender filing a deficiency and collecting on the difference from the seller.  However, our objective remains the same.  And that is to ensure that the 1st lien holder puts in writing on their short sale approval letter that they waive their rights to ever come after the seller and pursue a deficiency judgment against them.  That way there is no question of the outcome as it is crystal clear.  The seller would never have to ever worry about someone’s interpretation of state law in the future as it would be in black ink on the approval letter we were to negotiate from the lender.

Outcome:  Please see the attached SHORT SALE APPROVAL LETTER proving the details of our successful negotiations on this short sale.  We were able to get full debt relief for our client (seller) protecting him from ever being pursued for the difference the banks settled on.  We also were able to ensure that this short sale was successfully settled without the seller having to make any contribution to the lender, as sometimes even first lien holders will try to take a hard-line negotiating stance in order to get the seller to contribute to their loss.  We didn’t allow this to happen.

Recap:  Our client, the seller was able to walk away from $277,000 ($655,000-$378,000) of mortgage debt for NOTHING!  ZERO out of pocket dollars!!!  All because he decided to pick up the phone and contact Kelly Cook and the Kelly Cook Real Estate Group.  We have many other examples just like this we would love to share with you as well.  We truly are short sale specialists working the entire Greater Phoenix, AZ area and would love to speak with you today about your current situation and how we can help!  Call today!

Actual Approval Letter

Click for Full Letter