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How to Short Sale: Chase's New Process and Timeline

Short SalesIn an attempt to help more consumers who are facing foreclosure, Chase has streamlined their requirements in order to expedite their short sale process. We will cover the basics on the process and timeline in this post. Chase will let you start the short sale process prior to having an offer on your property. However, in order to start the process, you have to show a legitimate financial hardship; meaning your financial picture has changed since you have taken out the loan.

Here are examples of what most lenders and investors accept as hardships:

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Short Sale Question: Who Owns the Loan?

Short-SalesThe short sale process can be very complex. Every bank and investor has a slightly different program and set of guidelines they follow. Since each investor has different rules and guidelines, it can help you considerably to find out who the investor is before starting the process.

Whether you are a homeowner in need of help with a short sale or an agent trying to help a homeowner, one of the best things you can do is to understand the situation you are getting into. A key piece of this short sale puzzle is finding out who actually “owns” the loan not just who services the loan.

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Short Sales: U.S. Treasury Discusses Escalation Tool & More [VIDEO]

For today's blog post, we’re excited to have Brandon Brittingham, co-author of the Short Sale Campus (SSC) designation, share with us his interview with a member of the U.S. Treasury. - The KCM Crew

You may not be aware of the role the US Treasury has played in the housing market over the last few years, but it has had a huge role in getting us on the road to recovery. They are the ones responsible for the government-backed Making Home Affordable (MHA) program which created uniform guidelines for loan modifications, HAFA short sales, and foreclosure prevention. The MHA program has helped thousands of homeowners across the country avoid foreclosure by offering numerous loan modification options or options like a short sale.

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Short Sales – 10 Common Myths Busted

It’s likely you’ve heard the term “short sale” thrown around quite a bit. What exactly is a short sale?

A short sale is when a bank agrees to accept less than the total amount owed on a mortgage to avoid having to foreclose on the property.

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Avoiding the Dirty Dozen Barriers to Short Sale Success

iStock_000009846698SmallShort sales often take three times longer than a traditional transaction and sometimes never close at all. By hiring an agent who knows to avoid these twelve barriers, the process can be less stressful.

1.) Poor short sale candidate

  • Establish objective criteria
  • Conduct an extensive interview with homeowner
  • Ascertain seller is motivated and cooperative

2.) Agent lacks familiarity with the lender’s requirements and procedures to complete the short sale

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