Chase Short Sale Help!
Does anybody have experianece with Chase Bank? I am getting ready to make an offer. The original principle was 170K with foreclosure fees and interest the balance is up the 202k. I am thinking of offering the priniple balance and can close asap. Any thoughts on how much time they take, what they will accept and whether or not I should offer less. Any thoughts and comments would be appreciated.
Mark in VA
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Why should they accept your offer?
That is a great question and I should have put more details in my first note. The title holder of the property is seriously considering filing chapter 7 or 13 bk. This would significantly delay Chases ability to dispose of the property. The property is worth 235k+. I'm offering cash and can close in 72 hours. Any thoughts?
OK, the mortgagee has a $30K cushion of equity to be made whole...
I suggest that your Proposal (that accompanies the Homeowner's boilerplate application for short sale consideration) should denigrate the mortgagee's perception of value.... rattle their cage about their 'cushion' and make the risk of loss as real as possible.
The threat of bankruptcy isn't the leverage that many people think it to be.
Fact is, the mortgagees use the bankruptcy process as their private collection service. If the Homeowner goes into a sincere 13, the lender gets paid.
If the Homeowner goes into a 7, the court moves to facilitate the liquidation process....
can anyone email me with a form/ that a buyer in distress would sign saying he agrees to sell property for less(if mort. company will take it, and he will be held liable for defficiency judgement), instead of it going thru forclosure.
Any help is appreciated, or do i just have the homeowner sign somthing to that effect.
thanks