3 of us own a vacation home in California (Mt Shasta). We have a 1st with Indymac for 350k and a 2nd with Chase for 100k. We've had the house

Asked by Kevin, 20744 Sun Dec 13, 2009

on the market for over 1 year and nothing in the area has sold for over 400k in more then 1 year. One of the parties (All 3 of us have taken recent pay cuts and 1 of us is being layed off). We would like to reduce the listing price to 380k to try and get it off our hands. We would even entertain negotiating a payoff with Chase so that we could sell for cheaper. What is the best way to get started on this process? and what is our best direction to take? especially considering the house probably woldn't sale for at least a year even at that price?

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thinz, Agent, Allenhurst, NJ
Mon Dec 14, 2009
The first thing to do is to contact the collections department at Chase and ask to speak to the loss mitigatin department. Tell them the circumstances, mentioning that you've had the house on the market over1 year, no offers, nothing is selling, and ask them what they would like you to do since you can't afford the payment.
You could try to lease or rent with an option with the sale occuring in a few years (gives the buyer an incentive who really like the house) or you could ask Chase for a loan mod, or interest only pymts while you try to sell.
How far behind in your payments are you?
1 vote
Vladimir Kats, Agent, Baltimore, MD
Mon Dec 14, 2009
Ideally you could go with the solution that Tom provided but it's a very very long shot. You're most likely facing a short sale situation that Brian mentioned. However, given the fact that this is not your primary residence and there are multiple owners involved with different "life" situations, your situation will not be as straight forward as a typical short sale goes.
Bottom line: if you need to sell the home, it needs to be priced correctly. Does your realtor have experience with short sales?
It's a tough situation to be in when you have to throw good money after bad. Are you guys current on your payments?
Please let me know if you have any questions. I am a Certified Distressed Property Expert http://(www.cdpe.com) and deal with situations like this one on daily basis.

Vladimir Kats
0 votes
Brian Gormley, , Montgomery County, MD
Mon Dec 14, 2009
the obvious answer to your question is a short sale. a short sale occurs when one or both of your lenders agree to accept less than what is owed as payment in full. they will release their lien so you can sell for market value. we do these all over the country so folks can move on with their lives, as so many people (20-25% are the latest numbers) are underwater in their house value. this assumes of course that you want to sell, as opposed to try to stay in the home, as the other comment presupposes. let me know if we can provide any assistance.
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