QUESTION: How do I start the short sale process?

ANSWER: If you want to sell your property because you can no longer afford the payments, contact a real estate agent about listing your property for sale on the Multiple Listing Service (MLS).

Q: I have an offer on my property. What should I do?

A: You will need to complete the information in the short sale information packet and fax all required documentation listed.

Q: Will I have any tax liabilities?

A: Consult your tax adviser for answers.

Q: How will a short sale affect my credit?

A: A short sale may be reported as “Account paid in full for less than the full balance.”

Q: I signed up with a short sale negotiation service. Will Chase pay the fee?

A: No, Chase will not pay any third-party negotiation or processing fee nor allow the fee to be deducted from the proceeds of the sale.

Q: My loan is in foreclosure. Can I still be considered for a short sale?

A: Yes, however, the foreclosure may continue during the process.

Q: My loan is current. Can I still be considered for a short sale?

A: Yes, however, the required financial documentation must be submitted with a letter explaining your inability to maintain payments.

Q: My property is a rental. Can I still be considered for a short sale?

A: Yes, however, you must include rental income documentation, which will include bank statements, rental agreements or an explanation letter if rents are not being generated.

Q: I filed bankruptcy. Can I still be considered for a short sale?

A: Yes, however, consult your bankruptcy attorney on the process of selling your property during a bankruptcy.