short sale: Short Sales Part ?
- 04/15/08 12:50 PM
Commonly used in the real estate downturn of the early 1990s, is the "short sale," which works like this: A homeowner falls behind on his or her mortgage payments, usually due to a job loss, rising debt payments, divorce, or what have you. Facing a situation in which the home value has fallen and cannot be sold for the amount of the mortgage owed, the homeowner works out a deal with the lender to sell the home for whatever the market will bear. If the amount of the sale is for less than the amount owed on the mortgage, the lender … (4 comments)
short sale: Anyone had to deal with Chase Mortgage on a Short Sale?
- 03/24/08 06:42 PM
I am dealing with them for the first time, in a short sale situation. I have a client/seller, who has asked for my help in negotiating a short sale with Chase. Fair enough, but I've had 4 offers now for going on two months with NO RESPONSE from Chase. I call EVERY day, I fax the 40 page short sale package EXACTLY to their standards, once a week. I ask to speak to supervisors. I leave voicemails, all to NO avail. Sigh. Anyone else have experience with Chase? I've done short sales but NEVER have I had such a lack of follow up or … (97 comments)
Commonly used in the real estate downturn of the early 1990s, is the "short sale," which works like this: A homeowner falls behind on his or her mortgage payments, usually due to a job loss, rising debt payments, divorce, or what have you. Facing a situation in which the home value has fallen and cannot be sold for the amount of the mortgage owed, the homeowner works out a deal with the lender to sell the home for whatever the market will bear. If the amount of the sale is for less than the amount owed on the mortgage, the lender … (4 comments)
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