Chase has approved the short sale of 1 Pine Ridge Trace, Destin Florida.
Details?
Senior Lien: Chase Home Finance
Balance: $185,000
Junior Lien: JP Morgan Chase Bank
Balance: $25,000
Sale price: $90,000 appr
For you sleuths who like to analyze investors, this one was Freddie Mac. The mortgage also had a sub-investor pool who utilized MGIC for credit enhancement. Basically, MGIC was the mortgage insurance company for this group of investors. MGIC only allowed $500 to the JP Morgan Chase junior lien.
The interesting thing about this process was that Chase Home Finance communicated strangely with JP Morgan Chase. Even though they are part of the same company, they had me act as a go-between to relay information, get each other's email addresses and move the process along. A good word of advice when you are dealing with any Chase division as both the senior and junior liens- initiate the process with each division separately. It may speed up your approval time.
Bottom line - this Destin Florida short sale was approved in 36 days.
If you are considering short sale to avoid foreclosure, consider hiring an experienced Destin short sale agent.
It's Wendy!
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy: itswendy@rulnickrealty.com
Destin Short Sales & Pre Foreclosure Help.
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Wendy is a short sale and pre-foreclosure specialist and has been featured in "Kiplinger Personal Finance Magazine" and "Florida Realtor Magazine". Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County- Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
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Congrats Wendy, it's great to kno whtat Chase is doing the right thing. I hope there are more to come like this one.
Interesting Wendy, also good advice about Chase. A great thing to keep in mind when dealing with them...I wonder if I should recommend that to the listing agent??
Very nice Wendy. We've been getting some pretty quick approvals from Chase also of late.
Donna - Thank you!
Laura - I might casually mention you heard something "interesting".
Gabe - Yes, they seem to be improved.
Wendy, It's always a positive note when we hear that the short sale lenders are receptive and willing to work with a buyer's offer. Love it.