Anyone here got experience with Chase Bank FCs?
I've been renting a pretty nice spot and using it for my studio and office the past 3 years. Over the weekend, the landlord confessed that he was deciding to let the property go as of Dec 1st. Even though he never indicated there was a problem with the mortgage amount, I'm assuming he's being genuine as he did not request a November payment and will instead keep my security deposit in exchange for that. If he'd let me know sooner, we could've potentially worked out a direct short sale.
That being said, I do like the property, but only at its present market value, not at the price he'd been seeking.
I don't know all the ins and outs of squatting. Most of the squatters I've known here in the Sac area are people who've lost their homes to foreclosure, yet who simply continued living in the homes until the FC process was almost completed and they were evicted by the banks. The renters I've known who found themselves in forced-move situations have all received cash payments from the banks, ranging for $3000-5000 to move out by a certain date, usually within 30 days.
BofA and Wells have supposedly sped up their FC processes and can get them completed within 6 months now, whereas they have taken 1-3+ years in the recent past. Anyone got any fresh intel on how long it's taken Chase these days? Best-case scenario, I could just keep the place and make my offer the day it hits the market, but no telling how long that could be.
Thanks.
