1st Lien Holder Approves SS, 2nd delaying appoval - Must Escalate!

$490,000 Sales Price nets Chase (1st Lien Holder) $415,000 on a $611,000 note.
Chase agreed to pay $6,000 to Sun Trust (2nd Lien Holder) subject to closing by year end 2011.

After having submitted a complete package through Sun Trust's collection agent (PFS), Sun Trust now informs me that they do not believe they can get the approval issued by year end; more importantly, Chase states that if it doesn't close by year-end, the approval is no longer valid and they will be moving towards foreclosure.

Foreclosure will cause Seller to lose $33,000 in incentives from Chase via FNMA.

Does anyone know of a way to escalate such a matter other than by pleading with the negotiator and/or supervisor?

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Communicate constantly with Chase...forward the communications from Suntrust directly to the negotiator to show you are doing everything you can. Has the file already been extended once? How come Suntrust cannot get it done? Probably because they will be going on holiday break.

My last Suntrust I had was a pain. You have to go through numerous security checks in the same phone call. I had been dealing with them for a month only to find out the file was bought back from VHDA 3 months earlier.

The $33,000 is the Chase Outreach program ($30,000) plus $3,000 for relo expenses which had expired on me before but Chase honored it. Chase told me they would not extend but did so a few days before our expiration.

 

Chase is not in a good position.

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