Tags:
Ouch! Chase is the worst in my experience for waiving a deficiency, unless it is a HAFA. I concur with Bryant's post, each file is different, and lot depends on the underlying investor and whether or not there is MI. One thing I can share with you about Chase is that YOU need to be the one to initiate the deficiency discussion. It has been my experience they tend to withhold information about the deficiency and then surprise you with the approval letter. They will have the discussion with you if you initiate it; but, in my experience, they have never initiated it. Be sure to casually ask early in the process if there is MI and who the MI company is on the loan. If your negotiations to waive the deficiency fail, push to talk directly to the MI company. If they refuse, go around them if you have the name. I've gotten deficiencies waived talking directly with the MI company. Please note: In my opinion, a true financial hardship is key to getting a deficiency waived. If it is a strategic default, it may not be such a good idea to pursue. There needs to be a true inability to pay on the part of the Sellers along with Seller insolvency. Good Luck.
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.