Learn how to get your Chase short sale approved in this Chase Short Sale Case Study.
Chase Short Sale Case Study:
Property Location: Bellevue, WA - King County
1st Lender: Bank of America
2nd Lender: Chase
Hardship:
“I have been living in my home since July of 2000, and fully expected to retire here. However, on September 30, 2010, for the first time in 40 years of employment, I was laid off.
“I tried to find work through the end of 2010, but discovered that my skills were not adequate enough to compete in today’s job market. For that reason, the Employment Security Department’s Worker Retraining office suggested that I go back to school and upgrade my skills, at their expense, which I have been doing since January 4, 2011.
"Before I lost my job, I was able to pay my mortgages on time and maintain a very good credit rating. Until a couple of months ago, I was able to continue to pay my mortgage using my severance and savings. Unfortunately, those resources are gone now, and I have no pension. I tried to apply for a loan modification but was told that my loan’s investors do not consider unemployment a hardship.
“I never thought this would happen, but it seems that the only option left is to sell my home. I am hoping that you will help me so that I can settle my accounts without having to go into foreclosure.”
Sales Price: $340,000
1st Loan Balance: $267,916
1st Loan Arrears: $3,223
1st Deficiency Balance: $0
1st Settlement: payoff
2nd Loan Balance: $99,914
2nd Deficiency Balance: $74,330
2nd Settlement: Deficiency waived!
Timeline:
On July 4, 2011, a signed off to purchase the property for $340,000 was received. The listing agent sent the file to Seattle Short Sales, Inc., on July 11. and the package was prepared and sent to the 2nd lender (Chase) on July 20. The seller had sufficiency funds to pay out the first mortgage, so short sale approval was not required from the first lender.
On August 10, Chase assigned a negotiator to the file. On September 6, Chase requested additional financial information about the payoff from the first lender, which the Seattle Short Sales, Inc., case manager provided the same day.
On September 12, Chase as second lender issued their written approval for the short sale, waiving the deficiency balance.
Result:
The homeowner, who had always had an excellent credit record but had unexpectedly found herself unemployed, was able to avoid foreclosure. She paid out her first mortgage, and was able to free herself of the second mortgage obligations by paying just one quarter of the balance owing. She was relieved of ever having to pay back the $74,000 deficiency balance on that loan, and avoided the stain on her credit rating that foreclosure would have caused.
To download a copy of the short sale approval letter, click here: http://seattleshortsales.com/LiteratureRetrieve.aspx?ID=92906
If you are a homeowner, and would like to learn more about short selling your home, please go to: http://seattleshortsales.com/homeowners/
If you are a real estate agent, and would like to learn about our no-fee short sale service, please go to: http://seattleshortsales.com/agents/
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