Washington Mutual Approves Short Sale

My most recent approval was received this morning, approximately seven weeks from submission, from Washington Mutual.  It was a very smooth transaction.  Here is the summary:

Property:   House in Fort Walton Beach Florida

Value and Offer:  About $110,000

First Mortgage: CITI owed about $70,000

Second Mortgage:  Washington Mutual owed about $90,000

Hardship:  Medical

Package Submitted:  August 13

Appraisal Ordered:   September 3

Approval Email:   September 30

Factors:  First mortgage, Citi, was in collections, but not in a short sale position, since net was enough to cover full balance- so only needed approval from WAMU

Delays:  Washington Mutual “lost” Letter of Authorization and “lost” part of the ahort sale package

Overall, this was a quick and mostly problem-free Fort Walton Beach short sale.

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