Yep....7 months ago I submitted a complete Short Sale Package to Chase on April 27 2009. After many months of frustration I received another Chase Short Sale Approval yesterday. We are closing on 11 December.
You know sometimes I am left just scratching my head. This one should have been a no brainer. The Sellers are both retired and disabled. They were able to purchase this home in late 2005 using a $100,000 cash settlement they received from a wrongful death suit for their son. Their son had always wanted to live in Florida so they took the $100,000 and put it down on a house that was selling for $183,000.
Of course what they couldn't have predicted was that their daughter who was supposed to move in with them and help with the mortgage payment decided after living in Florida for 2 months that she didn't like it. So she moved, Mom and Dad were now stuck with a house they couldn't afford.
When I first met them they were very depressed and couldn't wait for a buyer to come along and pay them $150,000 so they could move back home. Their mortgage balance at the time was about $90,000 and they didn't understand that their property was worth far less. How could they be upside down on their mortgage already?
These folks had done everything "right". They bought a house that was priced OK and put 60% down. Who would have ever though that within 24 months their equity was gone. And this wasn't just paper equity that we hear about so often. It was $100,000 CASH!
I sure wish I would have met them before they placed all the money they had into a property. Telling people of this age they have lost everything is by far the worse part of my job.
Eventually I was able to get them to understand that all of their equity was gone. They needed to pack up and move back to NY to be with friends and family. So that's what they did. Almost 80 years old and having to start over while living with their daughter. My job is so sad some days.
And to make it worse. They told me the only reason they were even doing the short sale was so I could get paid because I was so honest with them. WOW!!! Incredible strength in the face of adversity. It's almost over Alline....I promise.
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And there you have it. Another successful Short Sale approval from Tutas Towne Realty.
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Bryant ---
What's your experience with 2 loans with Chase?
Just listed home. Owner is now 70 years old and was just moved to a nursing home. Her two daughters are still trying to save her place. They tried to do loan mod. No response from Chase. Just listed the house as a short sale, received all cash offer at list price. Sending package on Monday. Offer is for about 60% of loan balances.
Never had a short sale with Chase, but one of our realtors did, and next to Bank of America, he considers them one of the worst, too.
Bryant, I am trying to help my parents, who put in a short sell offer a few weeks ago. To their knowledge they are offering about 50-60% cash up front. They are retired so the waiting game is difficult and they asked me to see if there is anything I can do to speed up this process. I understand that most of the work should be done by the realtor but I want to do what I can to help this process through. Chase won't talk to me because I am not the mortgage holder. At this point I just want to make sure the correct process has been followed. I have been researching this process. Am I correct that 1) you have to submit the short sale form, AND 2) the seller needs to submit the CHASE Short Sale/Loan Mod packet at the same time or else the short sale proposal will be rejected? What is a letter of authorization? Who can talk to chase to do the negotiation? any info you can provide would be a great help. thanks so much and congrats on your closing.
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