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

Views: 378

Reply to This

Replies to This Discussion

Can you not go thru HAFA? I hear that also from a negotiator in Chase so I cancelled the deal and started out again Georgia is NOT a deficiency state. Why are they doing this? Why is it that if some forecloses they wont come after you but if you do a short sale they can? This does not make sense at all, my understanding of the whole thing is the contrary can any one clarify this here in Georgia? ( Oh by the way, I started the process again, the new negotiator has not mention a deficiency at all, if there is then the house will foreclose) my seller is the same situation as yours has a mortgage of about 160K with fees and the house is only worth about 50K. If nothing works I will send them thru HAFA, what a pain in the butt if you ask me.
If the loan is HAFA eligible I would go that route first. Chase in general is tougher on deficiency judgements. The key is to get the initial verbal approval than counter off that for the full lien release. Lenders are starting to ask more initially for Promisary notes , deficiency judgements etc.

RSS

© 2014   Created by Bryant Tutas.   Powered by

Badges  |  Report an Issue  |  Terms of Service

********************************** like buttons ************************