Debt Forgiveness Chase, Bank Of America Finally!

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Real Estate Agent with Allison James Estates & Homes 01079287

Chase Cancels Some Second Mortgages

Just a week or so ago, we announced that Christmas is coming early to many Bank of America mortgagees with second mortgages held at Bank of America. That is, Bank of America is actually cancelling 150,000 second mortgages. And, all that the mortgagee needs to do is stand by the mailbox and pray that to be one of the lucky recipients of a second mortgage debt wiped clean.

Well now it appears that Chase has also sold the farm. Just a few weeks ago, one of our short sale sellers received a letter from Chase Bank that begins by saying, “We are writing to let you know that we are cancelling the amount owed to Chase … as a result of the recent mortgage servicing settlement with the states and federal government.”

Click here to see part of the letter from Chase Bank

New Streamlined Short Sale Guidelines 11/1



 

According to a recent article on Housing Wire, the new streamlined short sale guidelines for Fannie Mae and Freddie Mac short sales (effective November 1) are alleged to be a win-win.

Remember that as these new short sale guidelines aim to have a more streamlined short sale when the investor owner of the loan is either Fannie Mae or Freddie Mac.

Click Here to Read the New Guidelines

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Realtor simple guideline to guesstimate a Homes values! Comparing apples with oranges? How to set values for embellishments? Do you think the old adage of Value equals Location, Location, Location, is true? Views, Pools, special interest additions can add desirability, and then Granite Counters, Travertine flooring, condition, square footage and any embellishments, upgrades, updates you can add to a property is worth 60-70% of the cost. This value will also be depreciated over time. Example would you consider if a twenty year old solid oak cabinette's
value even in good condition is equal in value to cabinets in the newer current color, or are they? Objective would be desirability.

Location is the basis for value. Like Homes within a one mile radius share values, and can be evaluated by sales per square foot within the last 3+ months. Pulses

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Tere Rice

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