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All about CT short sales with Chase.

Found 16 blog entries about Chase.

Once in a while I am surprised when  a lender just has it together and a short sale approval comes easy...unfortunately rarely is that the case with Chase...


After many months on market trying to sell his home as a traditional sale, this Hamden, CT homeowner realized there would simply be no way to get enough for the home to be able to pay off the loan, and decided instead to pursue a short sale. 


Our seller had two loans, a first mortgage - a VA loan - held by Chase, as well as a smaller Ditech line of credit. While VA Compromise Sales (short sales with loans backed by the Department of Veterans Affairs) are generally very predictable, VA tends to be pretty strict on payouts to junior…
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istock_000015631251xsmall_406_06After several years of trying to work things out with their lender, this Marlborough CT couple was close to foreclosure and at their wits end. With next to no options left, they decided to attempt a short sale.

We listed the home which was well staged and priced aggressively and within 3 weeks a buyer was secured! Short sale documents headed to the both Suntrust and Chase for this FHA short sale.

Suntrust and Chase proved very slow, but with a lot of pushing prodding 5 months later our short sale approval letters arrived, and a month later this Marlborough, CT short sale closed!

OWED:$200,000 between a Suntrust FHA mortgage and a second with Chase



Considering a CT short

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When these Milford, CT homeowners decided it was time to relocate they found themselves upside down with three outstanding loans on their home. A highly complex and difficult short sale was in order to resolve all three liens so it was time to call in the experts.

istock_000024011682small_849We listed the home and within a week a bidding war ensued ending with us under contract with a seemingly strong buyer. Three short sale packages headed out to Ocwen, Chase and SPS, and we expected quick answers as all three lenders were generally on reasonable timelines. Due to Freddie Mac guidelines, it quickly came to light that the third lien was unresolvable with a short sale, so we advised the owner to settle the lien to get it out of the equation as we continued our work with the other

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Chase just doesn't make it easy...istock_000015631251xsmall_406_04

When this Bristol homeowner called me, she had been renting out her upside down home for several years and was tired of taking a monthly loss and while waiting for the market to come back. We put the property on market and 5 weeks later a buyer was secured. 

Unfortunately, months passed as we pushed on for the approval and finally 4 months later the buyer walked...

Our second time on market proved more difficult than the first and it took 2 more months to secure another buyer. Our approval finally arrived after a grand total of 7 months had passed...and shortly thereafter this Chase short sale finally closed!


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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

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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 buyers

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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 sale

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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 around we

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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 close

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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 our

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