Chase has just approved the short sale for this Fort Walton Beach Florida home in the Oakland subdivision. Since the property was a primary residence, Chase initially tried to fit the homeowner into the HAFA program (Home Affordable Foreclosure Alternatives). HAFA is a federal program that mortgage servicers voluntarily offer with incentives to borrowers and lenders. In this case, HAFA criteria were not met, so the property went into the Chase’s regular short sale program.
Chase offers options regarding the deficiency (balance remaining on the note after sale) depending on the loan type and investor. Chase may waive the deficiency if the seller makes a cash contribution at closing. If not, the seller will have to make arrangements to pay the balance after closing. Additionally, in some parts of the country, Chase is offering a low-documentation short sale option with a seller credit reported to be between $10,000 to $20,000.
If you are considering short sale to avoid foreclosure, seek legal counsel and an experienced Fort Walton Beach FL short sale agent.
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: [email protected]