I am doing a short sale with Chase, not the first one I have done with them. The Negotiator tells me GA. is a deficiency state and they would pursue my buyer for the balance with is 80,000 on a property that is worh only 50,000 There is only one Mortgage.
She wants the Seller to agree to the deficinecy or to offer Chase a settlement! what is this? has anyone have one like this? Please help the Seller does not have any money, he is unemployed and cannot offer a dime for the balance. I told him to write a letter stating the Buyer's purchase price is the settlement, or foreclose the property,not sure it that was the way to go. I mean after all I have worked my butt off to not get paid! any advice on this
PS: He filed BK last year which was discharged, thus the short sale