Client has a 1st with SPS ($240k original balance) and a 2nd with Chase ($60k original balance). The first approved a short sale for $180k which is the BPO valuation. There were 2 BPOs done and the same valuation was given for both. The Chase second was charged off but investors are wanting the full amount to supply a lien release. The buyers for the property have offered $3000 to Chase and this is a cash transaction. Any hope or anyone with any suggestions?
As Chase Turns continues... Now I am being told that GMLA (recovery) is handling it but the lady at Chase said she had no idea who that was or how I could contact them because they can't even call them. Anyone heard of this???
same thing.. I have a 2nd with chase (1st was sold to sps) that they have no clue where is that loan at. Amazing!
They said it has been discharged, but then is not there, and back and forth!
For a month.
I dont know what to do.
I am having same issue with a chase charge off. Freddie Mac won't allow more than 6k. Chase wants 18k. They said I can prepay the difference and there is no guarantee that it will be refunded if the deal doesn't close. That being said, anyone have any other solutions/contacts.
Situations like this are very sticky and sensitive. At times going into the grey zone is the only way you can get the transaction done in this particular situation.
Chase recovery does push people up into a corner in these scenarios, i've seen it happen numerous times. Have you sent proof that the 1st lien holder is with FHLMC to a Chase Recovery Manager to see if that would help and advise them of Freddie Mac guidelines?
I'm willing to go to the grey zone. I have sent them proof that it is Fannie Mae. They don't care.
I was curious if anyone got this issue resolved. I left off sending all the info Fannie Guidelines, "expired" approval letter with $6k, etc. and a cover letter that the second was instrumenting a foreclosure. The short sale cannot happen unless the second is gets realistic.
Did anyone make any headway?