"I just closed with Chase being the 2nd lien holder. Current on payments to end.
It did seem to take Chase much longer to give us approval.
"
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Will Chase allow a short sale if seller is current on mortgage?
Started this discussion. Last reply by Diana Jean Laskowski May 17. 7 Replies 0 Likes
I did a BofA with a seller starying current this year, will chase allow this? Seller has a lay off notice and prefers to short sale before they get behind.Continue
Include sellers gambling problem in the hardship letter?
Started this discussion. Last reply by Anon_Negotiator Apr 19. 4 Replies 0 Likes
Haven't run into this one before so need help! Seller has many legit hardships such as on the job injury/disability, 2 kids now in college, financial need to support in-laws and marital separation.…Continue
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Diana Jean Laskowski replied to Sandy Valenzuela's discussion Will Chase allow a short sale if seller is current on mortgage?
Sandy Valenzuela replied to Sandy Valenzuela's discussion Will Chase allow a short sale if seller is current on mortgage?"thanks Wendy! Glad to hear you have closed them! I'm in California so bank cannot ask for seller contribution. Makes it a little easier."
Wendy Martin replied to Sandy Valenzuela's discussion Will Chase allow a short sale if seller is current on mortgage?"No problems on this end I have closed several when sellers are current. Chase WILL ask for a contribution, but my sellers have always lowballed (asked for 5k, gave $500) with no worries."
Dawn Marie Richeal replied to Sandy Valenzuela's discussion Will Chase allow a short sale if seller is current on mortgage?"If the seller lives in the property and has proof that he will no longer be able to make the payments in the near future, I would take them HAFA."
Diana Jean Laskowski replied to Sandy Valenzuela's discussion Will Chase allow a short sale if seller is current on mortgage?"I've only seen Wells Fargo require a delinquency. Chase is awesome!!
"
"I did one with WF where the seller was current, but they required a $2,000 contribution."
Joseph C. Alfe replied to Sandy Valenzuela's discussion Will Chase allow a short sale if seller is current on mortgage?"yes. Only Wells sometimes requires delinquency.
"
Sandy Valenzuela posted a discussionWill Chase allow a short sale if seller is current on mortgage?
I did a BofA with a seller starying current this year, will chase allow this? Seller has a lay off notice and prefers to short sale before they get behind.See More
Anon_Negotiator replied to Sandy Valenzuela's discussion Include sellers gambling problem in the hardship letter?"A hardship in terms of a short sale is generally understood to be an event or events over which the borrower had no control, in other words an unforseeable event which they did not choose. Interestingly enough divorce would therefore…"
Sandy Valenzuela replied to Sandy Valenzuela's discussion Include sellers gambling problem in the hardship letter?"II-2.7000 Exclusions. The following conditions are specifically excluded
from the definition of "disability": transvestism, transsexualism,
pedophilia, exhibitionism, voyeurism, gender identity disorders not
resulting from physical…"
Sandy Valenzuela replied to Sandy Valenzuela's discussion Include sellers gambling problem in the hardship letter?"thanks! they touched on this at the cdpe class I took last year, but I can't recall the details. I will research fair housing.."
Carol Royse replied to Sandy Valenzuela's discussion Include sellers gambling problem in the hardship letter?"Fair Housing Rules state that an Acholic has a disability. I wonder if Gambling would be the same thing? Might want to check into that.
Wendy Kish
Carol Royse Lifestyle Team"
Sandy Valenzuela posted a discussionInclude sellers gambling problem in the hardship letter?
Haven't run into this one before so need help! Seller has many legit hardships such as on the job injury/disability, 2 kids now in college, financial need to support in-laws and marital separation. Husbands bank statement is showing cash withdrawals at casino. Wife wonders should she include husbands gambling problem on their hardship letter? thanks in advance! See More
Sandy Valenzuela replied to Paul Antonelli's discussion How are agents charging for their short sale processing fees"In my market it has become common for the listing agent to receive 3.5% commission and offer 2.5% to the buyers agent. This helps cover costs or a 3rd party negotiator. "
Sandy Valenzuela replied to Jose Hernandez's discussion Can the seller pay additional commission?"On a property with a value very low such as that, I would make sure the listing agreement gives a minimum commission of 1250 to each side. I would treat the listing as any other and ask the bank to pay a minimum. This is how the banks…"
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- Occupation
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- Imperial County,California, Imperial, El Centro, Holtville, Brawley, Heber, Calexico, Seeley
- Short Sale Designations and/or Special Training
- SFR (Short Sales and Foreclosures Resource), CDPE (Certified Distressed Property Expert)
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- http://www.ivrealestate.net
- Short Sale Transactions Completed
- 5-10
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- no
- About Me/Profile of yourself: - Please add your Brokerage Company name also!
- Short Sale/REO Experience. Licensed 25 yrs. I hold the Certified Distressed Property Expert (CDPE), as well as the SFR designation, CHS and ABR. I consistently update my short sale training. I communicate with the bank we are negotiating with 2 times a week to keep things moving, and email my seller and buyer's agent with status each time. Communication is the key to success. Coldwell Banker the Wilkinson Team, Imperial CA
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- April 18, 2011
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