Hardship: To Much Debt, Upside Down on the mortgage
Days for Approval: 58 days to get the approval and we closed within 90 days. We lost the first buyer but got another buyer ASAP and still closed within 90 days from ratification.
Amount Forgiven: Over $125,000 and the seller does not have to pay the bank back!
Suntrust was great to work with and they moved the file along very quickly.
Here's the Suntrst Bank short sale approval letter. The banks states "The preforclosure sale may have an impact on your income taxes. You should consult with your tax preparation professional. Additionally this transaction will be reported to the credit bureau as 'Settled in full for less than total payoff.'" According to the attorney, this is a good letter. Since this was her primary residence, she will not have to pay taxes on the forgiven amount.
If you would like for us to refer a good short sale tax attorney to you. Contact us at Nate@1245team.com
If you have any questions concerning Suntrust Bank Short Sales Contact Us. We have a proven record with Suntrust Bank (Preforeclosure) Short Sales. We can help you with Suntrust Bank Short Sales in Virginia & Maryland.
We sold our client's Condo at The Phoenix in Clarendon, Arlington, VA today. The lender was Bank of America BOA and over $330,000 was owed. The home sold for $278,000. Congrats to our seller who was forgiven over $75,000 !! If you have any questions about short sales or you know someone that needs help, call me at 703-725-2929 or email me at natejohnson@kw.com Please also visit our websites http://www.myshortsalecondo.com/ and http://www.myshortsaletownhome.com/
To see the short sale approval for this condo Click Here and Here
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Visit http://12010ridgeknolldr.blogspot.com/ for video and pictures of this property. 
Visit http://12010ridgeknolldr.blogspot.com/ for video and pictures of this property. 
