This home at 213 Concert Court in Hammock Bay, Freeport Florida, has been approved to close as a short sale.
Purchase Price: $170,000 appr
Wells Fargo mortgage balance: $230,000 appr
Chase mortgage balance: $60,000 appr
Factors: Wells Fargo delayed their approval process until the junior lien, Chase issued their own approval. Chase delayed their approval due to reorganizing internal departments. Chase also got aggressive with a settlement demand from the seller, which took time to negotiate.
Reminder: Consider keeping your second mortgage or equity line current if you are doing a short sale. If you don’t, your file may be sent to a debt collection agency, or to the lender’s charge-off department. You can still do a short sale, but the creditor may not be as lenient.
If you are trying to avoid foreclosure, consult an attorney and an experienced Freeport Florida 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]