Successful Chase Short Sale - Pembroke MA

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JP Morgan Chase Short Sale

Amount Owed $198k
Sale Price $180k
Amount Shorted $18k

In addition to the 1st mortgage with JP Morgan Chase for $199k this short sale also had a 2nd lien with Bank of America for $42k. The final sale price was $179k and it only took 76 days from when the home was originally listed for sale until closing.

A 2nd lien can make the short sale process a bit more difficult, but it's not impossible. In this case Bank of America required that the seller sign a $5k promissory note, payable over 5 years, as a settlement to release the 2nd lien in full. It's not ideal (it's preferable to have the 1st lien pay the 2nd lien) but for the seller it was better than paying the entire 42k back, on a property severely underwater.

The short sale process is not as impossible as many people consider it to be. Homeowner's considering short sale should always work with professionals that will work to negotiate the release and protect the seller from future liabilities.

Want to know ALL your options when it comes to short sale, loan modification, or foreclosure? Visit Northeast Properties today!

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