Today, Weston Title and Oppenheim Law completed one of the largest short sales with JP Morgan Chase. The original note was approximately $6 million, but the bank approved a payoff for almost half that amount. The bank agreed to the haircut in exchange for receiving the $3 million in proceeds.
Further, the bank waived the deficiency judgment demonstrating what Roy Oppenheim has been stating for the past several weeks, “The banks are eager to deal and get the economy back on track.”
In fact, rumor has it that the JP Morgan Chase CEO, Jamie Dimon, had to sign-off on this deal.
As Oppenheim said two weeks ago in the Sun Sentinel, “The result will be more short sales, loan modifications and ‘meaningful mediations’ that will help stabilize housing prices that have been falling steadily since 2006.
For more on Foreclosures, catch the replay of last week’s Oppenheim Law monthly Foreclosure Defense workshop on Oppenheim Law TV for the next few days!