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Permalink Reply by Tricia La Motte on June 10, 2010 at 11:53am

I had a transaction with Chase as the 1st and the 2nd. They wanted money from the seller to go towards the payoff of the seconf. We were able to have them state in writing that they would not go after the homeowner for a defiency judgement. We had to have them rewrite it a couple of time...but it worked!

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Permalink Reply by Kim Carlson on June 10, 2010 at 12:44pm

Thanks so much! When I talked with the negotiator for Chase he said that the investor would not do that, but I will fight for it! I just hope the CA assembly passes the anti deficiency judgement bill. What state are you in?

Tricia La Motte said:

I had a transaction with Chase as the 1st and the 2nd. They wanted money from the seller to go towards the payoff of the seconf. We were able to have them state in writing that they would not go after the homeowner for a defiency judgement. We had to have them rewrite it a couple of time...but it worked!

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Permalink Reply by Tricia La Motte on June 10, 2010 at 12:52pm

In CA! :)

Kim Carlson said:

Thanks so much! When I talked with the negotiator for Chase he said that the investor would not do that, but I will fight for it! I just hope the CA assembly passes the anti deficiency judgement bill. What state are you in?

Tricia La Motte said:

I had a transaction with Chase as the 1st and the 2nd. They wanted money from the seller to go towards the payoff of the seconf. We were able to have them state in writing that they would not go after the homeowner for a defiency judgement. We had to have them rewrite it a couple of time...but it worked!

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Permalink Reply by Kimberley Kelly on June 15, 2010 at 2:38am

Chase is notoriously awful. Stick to your guns. Demand non-pursuit of deficiency judgements, or counsel your Sellers to let them take the property back and pursue Foreclosure. So short sighted of the Lenders, but not surprising. Keep those stockholders in the dark re: true values as long as you can I guess.

I am in CA..a non-recourse state, and now there is a bill in front of the "Guvner", to sign that will negate the ability to pursue for deficiencies even on the HELOC's and refinancing. Duh. My Coachella Valley is in such a pickle that just 1099'ing the homeowners is enough punishment for most..

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Permalink Reply by Kim Carlson on June 15, 2010 at 3:21am

HI,

Thanks for the info. I also am in CA...San Diego. I am aware of the new bill that passed the senate and goes to the assembly next (or has it passed it too?) and then to the Gov. However, I thought that it only applied to those who refinanced and pulled money out to make improvements in their home, but not to cash out or to do a HELOC. That's what I've read specifically. Please let me know where to read otherwise if you have different info. Thanks so much!

Kimberley Kelly said:

Chase is notoriously awful. Stick to your guns. Demand non-pursuit of deficiency judgements, or counsel your Sellers to let them take the property back and pursue Foreclosure. So short sighted of the Lenders, but not surprising. Keep those stockholders in the dark re: true values as long as you can I guess.

I am in CA..a non-recourse state, and now there is a bill in front of the "Guvner", to sign that will negate the ability to pursue for deficiencies even on the HELOC's and refinancing. Duh. My Coachella Valley is in such a pickle that just 1099'ing the homeowners is enough punishment for most..

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Permalink Reply by Wendy Rulnick on June 17, 2010 at 11:54am

Kim - This will depend on who the investor on the loan is. They may have their criteria, and that's the end of it. OR ask if a cash contribution would allow for "settlement".

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Permalink Reply by Kim Carlson on June 17, 2010 at 12:01pm

Thanks so much. Yes, my clients are willing to pay maybe $10,000 over 10 years but in return, we don't want a deficiency judgement either....

Wendy Rulnick said:

Kim - This will depend on who the investor on the loan is. They may have their criteria, and that's the end of it. OR ask if a cash contribution would allow for "settlement".

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Permalink Reply by Aida Gonzalez on June 19, 2010 at 2:01am

Is an investment property? does the loan has an MI? mortgage insurance? if the answer is Yes, am 99% sure that the promissory note is required by the MI company, and donest have to do nothing with the deficiency of the Lender.

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Permalink Reply by Kim Carlson on June 19, 2010 at 4:51am

Hi,

It's a refi loan with no MI....still waiting to hear what the investor has to say....

Aida Gonzalez said:

Is an investment property? does the loan has an MI? mortgage insurance? if the answer is Yes, am 99% sure that the promissory note is required by the MI company, and donest have to do nothing with the deficiency of the Lender.

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