Mortgage Hardball, Pt. 3: Happy Ending?!
THE FISHERS ARE OFF TO ALABAMA
A happy ending to the saga of Kim and Scott Fisher, whom I've been blogging about for two days.
They managed to find a buyer for their home willing to pay more than what they owed Washington Mutual on a first mortgage, and Wells Fargo on a second, except they couldn't cover $35,000 in closing costs, and the home was heading into foreclosure.
CNBC Special Report:
Good news. Wells Fargo has agreed to a short sale and come away with $35,000 less than it's owed. Not an ideal situation, but better than forcing the house into foreclosure, which could mean even greater losses.
The realtor tells me the escrow company says it's the quickest approval of a short sale it's ever seen.
One down, one million more troubled homes to go.
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