Short Sale Help

duderino

LoanSafe Member
#1
So we have moved out. Chase never negotiated with us officially on negotiating our HELOC, followed all the rules etc for over a year. At one point on the phone I got a we may accept 30%. We applied for a mod got denied. too much income. Cards not in our favor. Was hoping to get.

So the property is not worth holding on to for many personal reasons as well as financial reason. Its probably 150k upside down.

First is in the money property probably worth 300k loan of 160k. Second for 250k with chase. I guess since first is in the money we only have to deal with the second lien holder.

We have had it listed for 30 days now as a short sale. Chase is a real mess (it was a mess during the mod application, they would mail things saying they didnt get faxes even though i would call and they said they did)

Our realtor is getting same sort of run around I guess its not just me.

Weve had a few potential buyers but no solid buyers. Lots of people looking at it but its unique (shared well and property driveway with gate. We have a sale date set on Nov 10. Will chase extend and allow for the house to stay on the market for a certain amount of time? seems like they would make more money or should we start to drop the price.
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
#2
They may do that, but if you think about it. Whether they sell now via a short sale or at foreclosure sale for a discount price it makes no difference to Chase who as you can see from your own experience, the experience of others and your Realtor that they could care less. Banks like Chase have billions and billions of dollars. A $300,000 loan to them is like 30 cents to us.

If I were you, I would hope for the best, but DEFINITELY plan on the worst.
 

bkakca

LoanSafe Member
#3
So we have moved out. Chase never negotiated with us officially on negotiating our HELOC, followed all the rules etc for over a year. At one point on the phone I got a we may accept 30%. We applied for a mod got denied. too much income. Cards not in our favor. Was hoping to get.

So the property is not worth holding on to for many personal reasons as well as financial reason. Its probably 150k upside down.

First is in the money property probably worth 300k loan of 160k. Second for 250k with chase. I guess since first is in the money we only have to deal with the second lien holder.

We have had it listed for 30 days now as a short sale. Chase is a real mess (it was a mess during the mod application, they would mail things saying they didnt get faxes even though i would call and they said they did)

Our realtor is getting same sort of run around I guess its not just me.

Weve had a few potential buyers but no solid buyers. Lots of people looking at it but its unique (shared well and property driveway with gate. We have a sale date set on Nov 10. Will chase extend and allow for the house to stay on the market for a certain amount of time? seems like they would make more money or should we start to drop the price.
Duderino, are you able to provide a status update on your situation?