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.”
New Streamlined Short Sale Guidelines 11/1
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.