Chase as second, first lien holder will not be short

Am going to speak with someone tomorrow, I don't have all the particulars, but what it looks to me like so far is first mortgage will be paid in full at somewhere around 500,000, second is with Chase for close to 300,000. I think, for discussion purposes, Chase may fall anywhere from 150,000-200,000 short. Only 6 sales have closed in this very small town of mainly luxury homes since Oct. 1, 2010, and this home has already been on the market more than a year and a half, overpriced of course. Owner stopped paying a year ago. Thoughts on this?

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Permalink Reply by Alan Remigio on April 28, 2011 at 8:45am

Are you sayng the property is now worth $700k ($500,000 + $200,000) or if the 1st payoff occurs the property is still only worth $100-$150,000? Is the 2nd a HELOC?

Permalink Reply by Jeff Payne on April 28, 2011 at 8:51am

Be sure to order the payoff on the first and also be sure that any additional fees or attorney charges are added in. Then you can present the short sale package to the second. Interested in seeing the answer to Alan's question too

Permalink Reply by Luis Cardozo on April 28, 2011 at 12:17pm

This sounds to be a good listing. Go for it.

Permalink Reply by Andrea Swiedler on April 28, 2011 at 12:30pm

Alan, I have not fine tuned my price, and with a market like this I am not sure, but the house is probably worth between 600-700,000. One hopes to be closer to 700,000. I will know more tomorrow about the second mortgage.

Alan Remigio said:

Are you sayng the property is now worth $700k ($500,000 + $200,000) or if the 1st payoff occurs the property is still only worth $100-$150,000? Is the 2nd a HELOC?

Permalink Reply by Andrea Swiedler on April 28, 2011 at 12:32pm

Jeff, as I said, the property, I hope, may be worth 700,000, or less. Worth only what someone will pay, especially when the market there is so slow. I will have more info tomorrow on the loans.

Jeff Payne said:

Be sure to order the payoff on the first and also be sure that any additional fees or attorney charges are added in. Then you can present the short sale package to the second. Interested in seeing the answer to Alan's question too

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