Chase is 3rd lien holder, need help

The first is Wells Fargo and wll paid in full, second is Etrade (NCO financial in collections), and I was able to negotiate a pay offf of $29, 700 on a balance of $151,000, but the 3rd is a Chase Heloc with a balance of $271,000.  There is only $6,500 left  to give them, without giving up commissions, even then the negotiator says it is a tough sell because of the large amount owed.  True hardship, buyers have no money, does anyone have any advice?  Will Chase prefer nothing or is it possible they will be reasonable.? Thanks for any help you can provide.

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Permalink Reply by Wendy Rulnick on December 2, 2012 at 5:37am

Lindsey - We are all just guessing here.  Chase might ask for a large amount. You can negotiate.  Also, try having your seller speak with the Chase negotiator if necessary to press the hardship point.  If the hardship is medical, provide statements and even a website printout describing the illness, if it's divorce, provide the decree, if it's military, provide the PCS orders. Anything to help substantiate the hardship may help.  You are not party to the contract nor did you incur the debt, so don't even go their with your fee.  Your mindset is already setting you up for that.

Permalink Reply by Lindsey Acton on December 3, 2012 at 5:18am

Thanks so much for your response.  The hardship was a complicated failed business, with a loss of over $400,000.  The records are not readily available, so I went to the court system and was able to get a few of the filings as proof.  Thanks for the idea of having the seller speak with Chase directly.  I think this might really help. 

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