All about CT short sales with Chase.
There are currently 12 blog entries related to this category.
Monday, January 6th, 2014 at 11:40am. 474 Views, 0 Comments.
When this Hamden, CT couple was relocated across the country for new employment, they found themselves prisoners in their home with $100,000 of negative equity and no way to cover the loss.
Committed to "doing the right thing and preserving their credit", this couple wanted to keep up the mortgage payments as long as they could. While their loan was serviced by Chase, the loan was actually owned by Fannie Mae who had recently updated their guidelines to allow short sales to be approved for current borrowers in situations of employment based relocation.
It took just over a month to secure a strong buyer for the property and a short sale package headed to the lender. Despite their own guidelines designed to approve short sales in this exact…
Monday, October 21st, 2013 at 10:33am. 1096 Views, 0 Comments.
When these Enfield, CT homeowners were relocated to Florida, they found themselves with over $100,000 of negative equity and with no way to make up the difference. Rather than just allow the home to foreclose, they decided to try and short sell the home.
It took just over 2 months to secure a buyer for the home, while we simultaneously pursued the FHA short sale approval from Chase. Unfortunately Chase burned through an additional 3 months getting us the approval during which time the buyers loan documents expired and they needed to reapply for their loan. Once the buyers were once again ready to close, Chase decided they now wanted $30,000 more for the property, despite an appraisal proving our original sales price.
The sale fell apart and the…
Tuesday, March 26th, 2013 at 8:05am. 658 Views, 0 Comments.
When this Hamden homeowner was forced to move for his job he unfortunately discovered his home had lost 35% of its value in the last 4 years...leaving a short sale as the only realistic option for selling the home. VA Loans are guaranteed by the U.S. Department of Veterans Affairs (VA), and have their own short sale program - known as a "compromise sale".
Our first buyer was secured quickly after going on market, but the buyer soon walked and we were back on market. It took two more months in the slow winter season to secure our second buyer. I have never known VA compromise sales to be particularly speedy and this was no exception. Several more months followed as Chase took their sweet time processing the VA short sale, until finally our short…
Thursday, January 10th, 2013 at 1:11pm. 823 Views, 0 Comments.
Sometimes short sales get complicated. Sometimes they get denied the first or even second time around. Sometimes sellers just want to give up. They figure they'll just "let it foreclose". Heres the story of one my former short sellers who decided to do just that.
In September of 2009 I listed the clients multi-family home. At this point the value of the home had dropped to about half the mortgage value and my client had decided he did not make a good landlord after all but he couldn't shake his "investment" without a short sale.
Within a month we had a strong cash buyer for the home for $110k. Within 2 months Chase had determined that was "not enough" and they turned the short sale down.
We decided to go back on market and the second time…
Monday, December 10th, 2012 at 2:14pm. 714 Views, 1 Comments.
I wish I could say it is rare, but it took three short sale approvals to make this CT short sale finally stick.
This Manchester CT couple had tried to sell their home on a few occasions in the past to no avail. Now left with a huge payment, severe negative equity and seeking a better school system for their child, this couple wanted out....and a short sale was their best solution.
Our first attempt to sell the home was...slow. It took two months to secure a buyer for the home. It only took Chase a few weeks to approve the short sale, but our sale blew apart when the buyer lost their loan.
Another month passed until we secured our second buyer. The Chase short sale again took a few weeks to approve. The light at the end of the tunnel seemed…
Monday, September 24th, 2012 at 8:31am. 678 Views, 0 Comments.
Some short sales are quick and painless....and others are simply NOT.
When these sellers decided to divorce they were left with an upside down home and with neither party able to afford the home on their own. We listed the home as a short sale. A month later they decided to try to modify. Loan modifications are generally useless for divorcing couples as both will be forced to remain on the loan even through the modification, but some folks like to try anyway. We pulled the property off market and 5 months passed while my sellers discovered a loan modification wouldn't help them.
The property went back on market and six weeks later we secured a buyer for the property and all seemed well. Chase approved the short sale and it seemed we would be on…
Tuesday, August 28th, 2012 at 9:32am. 829 Views, 0 Comments.
For the first time in a long time - I finally have a good Chase short sale experience to talk about it.
I recently attended a Chase Priority Partner Real Estate Agent conference to learn about some of Chase's plans to streamline their short sale processing. I was skeptical, but am pleased to share some actual results!
When my North Haven CT homeowners were relocated to California by their employer, they were left with an upside down home and no cash to cover the loss. We listed the home and just over a month later a buyer was secured.
A short sale package headed to Chase - who for once - acted quickly and immediately got to work on the approval. Less than 3 weeks after securing our buyer our Chase short sale approval…
Wednesday, August 22nd, 2012 at 1:16pm. 2191 Views, 1 Comments.
Friday, June 22nd, 2012 at 8:03am. 1340 Views, 2 Comments.
While short sale processing timelines at Chase have improved a little over the last several months, Chase seems to have some restricting rules in place that severely inhibit communications. Chase is one of the only lenders that does not have a software platform in place for short sale processing, refuses to use email to communicate and Chase negotiators are also prohibited from leaving any detail on voicemail messages. Add to this the fact that the negotiators rarely answer the phone and can take days to return a phone call - and you have a real communication problem! Even the most minor exchange of information can easily take days or weeks making the Chase short sale team one of the most inefficient loss mitigation teams in America.
Friday, March 9th, 2012 at 8:31am. 1167 Views, 0 Comments.
I’ve been hearing a lot lately about Fannie Mae forcing customers to go into default in order to approve their short sales, so I knew we’d be up for a rough road with this client. While most of my clients are behind in payments by the time they call me, this CT home seller had reasonable income, heavy liquid assets, great credit and intended to not miss any payments in order to preserve her excellent credit.
Any condo in Connecticut is a tough sell right now as condo financing options here have really crumbled. However, after 2 months on market a buyer was secured for the condo. Chase’s (the servicer on this Fannie Mae loan) short sale processing has really eroded over the last few years, and gets more difficult and time consuming all the time.…