Replies to This Discussion

Permalink Reply by joe beauchamp on July 8, 2013 at 4:29pm

It is not a Chase decision. The investor makes the rules. Most seem to waive the deficiency.

Permalink Reply by Jan Sanderlin on July 8, 2013 at 5:19pm

If you can establish  financial difficulty and/or impending default for anyone of a number of acceptable qualifying reasons, there is a possibility depending on the investor on the loan.  Worth a shot, dot your i's and cross your t's up front and make sure that you provide documentation for the default issue.  If you are not sure how to do this, then co-list or work with an experienced agent to do the short sale. Good luck...

Permalink Reply by Ann Wilkins on July 8, 2013 at 7:28pm

My client was in similar situation with a house that they tried to sell but ended up renting it for four years, hoping the market would improve.  After going through most of their retirement to cover the difference between their cost and the rental income, they finally short sold the home.  Chase was easy to work with and seemed almost easier since this was a rental property.  My clients did have hardship.  There were actually three Chase loans on the house so their was a substantial lost to Chase but they ended up giving clients $20,000.   This could be a nice easy transaction for you if there is a hardship.

Permalink Reply by David A. Roebuck on July 13, 2013 at 5:43am

Ann, I'd love to know how you got the $20,000 for your client -- I've never gotten anything more than the $3000

Was this a Chase owned loan

Permalink Reply by Ann Wilkins on July 13, 2013 at 6:30am

Personally, I was dumbfounded when  our Chase contact had us put $20,000 for the seller in the HUD1.  Upon further research these were acutally Washington Mutual loans.  Rumor has it (and this is just what I heard from someone) is that the Washington Mutual loan paperwork was a mess.  That the transfer over to Chase was not smooth and that there is missing documentation.  Again...just something that I heard.  For this reason, Chase was being generous with the seller cash - back.  However, my clients were getting $2,800 a month in rent.  They could have stopped paying their mortgage and let it go to foreclosure and during that time pocket at least $20,000 in rents if not more.  I thought this was their reward for doing the right thing and short selling.