We just closed another file with Citimortgage on the first and Chase on the second. This family had experienced a reduction of income and were no longer able to keep current on their mortgage. They purchase the home in 2005 and had refinanced both of the loans.

2960 Alanwood Court, Spring Valley

The first mortgage balance was approximately $292,000 and the balance on the second was approximately $55,000.

The property sold for $181,000. Citi wrote off their remaining balance of approximately $134,000 and Chase wrote off their remaining balance of approximately $50,000.

Citimortgage Short Sale Approval Letter

Chase Short Sale Approval Letter

The sellers did not need to bring any funds in to close the transaction. The total time this transaction took was 2 months and 3 weeks from date the property was listed to the date the transaction closed.

If you are facing foreclosure or have any questions regarding a short sale and the foreclosure process, please do not hesitate to contact our team. We specialize in San Diego Short Sales, Orange County Short Sales and Riverside Short Sales.