chase short sales: Chase - Freddie Mac - Short Sale, Navarre Florida - Approved - 02/21/12 11:11 AM
This waterfront home in the Holley area of Navarre Florida was just approved as a short sale. The log home needs some work, is on over two acres, and on a bayou leading to East Bay. It went under contract in 74 days. Here are the details of the Chase short sale approval. Lienholder: Chase Other Liens: none Original Mortgage: Appr $280,000 Market Value: Appr $128,000 Approval Time: 90 days Notes: This Chase short sale had to go through layers for approval. The seller was originally offered a Freddie Mac HAFA short sale, which was later denied by Chase. Subsequently, … (2 comments)
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chase short sales: USDA Chase Short Sale Approved - Santa Rosa Beach Florida - 01/25/12 06:39 PM
This Church Street home in Santa Rosa Beach Florida was originally purchased as a short sale in 2009. For the second time, it is being sold as a short sale, just approved by J.P. Morgan Chase. The mortgage was backed by Ginnie Mae, and was a USDA loan, which offers mortgages to rural areas throughout the U.S. Lender: ChaseMortgage Type: Ginnie Mae USDABalance: appr $220,000Junior Liens: noneSale Price appr $200,000Seller Cash Contribution: -0-Seller Promissory Note: -0-Deficiency: noneAlthough Chase's short sale approval letter did not specifically address a waiver of deficiency, the Chase negotiator quoted me USDA loss mitigation guidelines, which state there … (7 comments)
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chase short sales: Destin Florida Short Sale - Three Challenges To Approval - 04/18/11 02:06 PM
Chase just approved this Destin Florida townhome for short sale. The process was a challenge. There were past due association fees and a judgment recorded in Walton County. In Florida, a property cannot be sold unless liens and judgments are paid or "released" at closing. Here is how we tackled the short sale:1. Chase. The Chase part of the short sale was pretty straightforward. The negotiator was difficult to reach, and I attempted calling her several times over the course of a few weeks. When I finally spoke with her, she told me her files had doubled in the last two months … (7 comments)
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chase short sales: Chase Approves Audrey Drive Short Sale, Oakland, Fort Walton Beach FL Short Sale - 02/28/11 06:35 PM
Chase has just approved the short sale for this Fort Walton Beach Florida home in the Oakland subdivision. Since the property was a primary residence, Chase initially tried to fit the homeowner into the HAFA program (Home Affordable Foreclosure Alternatives). HAFA is a federal program that mortgage servicers voluntarily offer with incentives to borrowers and lenders. In this case, HAFA criteria were not met, so the property went into the Chase's regular short sale program.Chase offers options regarding the deficiency (balance remaining on the note after sale) depending on the loan type and investor. Chase may waive the deficiency if the seller makes a cash … (4 comments)
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chase short sales: Chase Approves Ariel Dunes, Miramar Beach Florida Short Sale - 12/07/10 06:22 PM
Chase is getting better as a short sale servicer. They approved an Ariel Dunes, Miramar Beach, Florida condo short sale in 45 days!
The nitty-gritty:Chase Senior Lien: $500,000 balanceChase Junior Lien: $70,000 balanceSale Price: about $300,000Chase would not pay past due association fees because the association had not filed a lien.
We did obtain a waiver of deficiency (monies owed on the unpaid balance) by settling with a small seller cash contribution at closing. Chase also considered the fact that the HELOC was not used to purchase "toys" and other tricks we'll give to our next Chase short sale seller!
If you need to sell your Miramar … (3 comments)
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chase short sales: Chase Approves Destin Florida Short Sale - Quick! - 09/23/10 06:43 PM
Chase has approved the short sale of 1 Pine Ridge Trace, Destin Florida.
Details?
Senior Lien: Chase Home Finance
Balance: $185,000
Junior Lien: JP Morgan Chase Bank
Balance: $25,000
Sale price: $90,000 appr
For you sleuths who like to analyze investors, this one was Freddie Mac. The mortgage also had a sub-investor pool who utilized MGIC for credit enhancement. Basically, MGIC was the mortgage insurance company for this group of investors. MGIC only allowed $500 to the JP Morgan Chase junior lien.
The interesting thing about this process was that Chase Home Finance communicated strangely with JP Morgan Chase. Even though … (5 comments)
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chase short sales: Chase Approves Driftwood Estates - Santa Rosa Beach Florida Short Sale - Loses a Bundle - 09/14/10 06:13 PM
Three months can make a big difference in a market place. Three Months Ago... Chase approved the short sale for this Driftwood Estates home in Santa Rosa Beach Florida. The sale price at the time was $230,000. But oops- the buyer's lender only appraised the home for $220,000. The buyer could not get a loan for $230,000. Despite providing Chase with the buyer's appraisal, they refused to lower their approval amount to $220,000. They were stuck on the value and would not look at the big picture. The buyer walked.Fast forward three months later. The Driftwood Estates home was gradually reduced in price to $189,900, … (5 comments)
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chase short sales: Wells Fargo and Chase Approve Hammock Bay Short Sale, Freeport Florida - 07/08/10 01:20 PM
This home at 213 Concert Court in Hammock Bay, Freeport Florida, has been approved to close as a short sale. Purchase Price: $170,000 apprWells Fargo mortgage balance: $230,000 apprChase mortgage balance: $60,000 apprFactors: Wells Fargo delayed their approval process until the junior lien, Chase issued their own approval. Chase delayed their approval due to reorganizing internal departments. Chase also got aggressive with a settlement demand from the seller, which took time to negotiate.Reminder: Consider keeping your second mortgage or equity line current if you are doing a short sale. If you don't, your file may be sent to a debt collection agency, or to the lender's … (5 comments)
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chase short sales: Driftwood Estates, Mack Bayou, Santa Rosa Beach FL Short Sale - Sold & Approved FAST - 05/29/10 09:40 AM
What a swift approval for this Santa Rosa Beach Florida short sale home in Driftwood Estates, the Mack Bayou area! In fact, Chase approved the short sale in about three weeks! Regions, the junior lien holder, took four weeks. Details:
Home: 66 Driftwood Point Rd., Santa Rosa Beach FL 32459
Original Purchase Price: $464,000 in May 2008
Sales Price: appr $230,000
Terms: Chase accepted the offer as "settled". Regions, always more difficult, asked for a $100 per month promissory note to pay back 60% of their balance of $25,000. The note will be re-adjusted in a year.
Seller: Delighted!
I put this home … (5 comments)
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chase short sales: U.S. Military PCS Short Sale? Chase Tells Eglin Air Force Base Airman - They Don't Care - 04/28/10 06:40 PM
Are you a U.S. military service member at Eglin Air Force Base who has been relocated by the government to a new base? Do you have to do a short sale? Is your lender Chase? If so, you may not get any special consideration, despite PCS (permanent change of station) orders.
I am currently in negotiations with Wells Fargo and Chase, as junior lien holder, for a Fort Walton Beach Florida short sale. The Eglin Air Force Base seller was transferred, or PCSd (permanent change of station), to a new base and had to sell his home. Of course, he was … (2 comments)
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chase short sales: Holiday Isle, Destin Short Sale - Approved by Chase/Washington Mutual - 12/04/09 04:18 PM
This townhouse on Durango Road, Holiday Isle in Destin Florida has been approved as a short sale. It is on a canal on Destin Harbor with a dock. It needed significant work due to an active water leak.Lender: Washington Mutual, now ChaseMortgage Balance: $359,000 appr
Sale Price: $195,000 apprApproval Time: 5.5 MonthsIf you need to sell your home as a short sale in Destin or Sandestin, Florida, it is best to hire an experienced short sale agent. It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Destin Real Estate
Destin Short Sales & Pre Foreclosure Help.
Read Destin Short Sale Blog
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 … (4 comments)
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chase short sales: CHASE: Won't Forgive and Forget - 06/12/08 06:44 PM
Do you have a CHASE Short Sale? If so, expect to read this on your approval letter:
"The customer is still responsible for all deficiency balances per the terms of the original loan documents."
Yes, they might approve the Short Sale with this sentence "Chase agrees to release its security interests in the 'subject property' collateral". However, expect to be solicited by their recovery department for the balance of your mortgage after closing.
What to do? After consulting with an attorney, my seller decided to go forward with the Short Sale. Her attorney advised Chase was in a weakened position with no … (15 comments)
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chase short sales: Chase: Second Lien Holder - 04/01/08 06:01 PM
Today I received a call from a negotiator from Chase, the second mortgage holder on one of my listings with a short sale offer. The gentleman was refreshingly nice, I must say. Chase is owed $101,000 on the note. The first, AMTrust is owed about $200,000. The offer is for $175,000. This is a very fair market offer. The Chase negotiator said with such a loss he must get an approval from G-d. He was pretty funny. He asked me to email him a price history of the listing, a preliminary HUD and a market write-up. He wanted me to have my sellers call him … (14 comments)
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