CHASE SHORT SALE - 2nd MTG - APPROVAL GONE BAD - HELP!

I have a short sale in which Chase is the 2nd lien servicer.  It is a purchase $ loan in CA.  The loan amount is +/-$48,000.  The 2nd was sent to the collections dept of Chase.  Even though we have a Fannie 1st and they (1st lien holder) are offering $6,000, the second mtg division of Chase wants $10,000.  They are holding firm and citing incorrect statements such as “we will pursue a deficiency judgment against the borrower is the home goes to foreclosure…”  It occurs to me that a lender cannot pursue a deficiency judgment on a 2nd lien in CA if the lien was a purchase $ loan.  How can I persuade CHASE to accept the $6,000 offered by Seterus (1st mtg lender.)  Thoughts?

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Permalink Reply by Cale Thomas on November 9, 2012 at 12:36pm

Thanks Ron.  It is non-judicial.  Good advice...

Permalink Reply by ivan diaz ikon capital group on November 10, 2012 at 6:50pm

1. It is a government loan, that is the maximum allow by they requirements, there is nothing you can do on that situation,

and since CHASE provably has sold plenty of their loans to FM; they should allow it.

2. Request to speak with the supervisor, DO NOT be afraid to ask for someone in the upper level, it is in your duty to

get the right market price for both parties, seller and buyer.

3. Last resource negotiate a carrying NOTE by the seller, be paid in 5 years and then work your way down.

Best of success...

Ivan Diaz Ikon Capital Group

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on November 12, 2012 at 9:03am

Ivan -

 

In California they cannot pursue deficiency and cannot require a Promissory NOTE nor can they make these two issues a condition of short sale approval.

Permalink Reply by Todd Stearman on November 11, 2012 at 4:02am
Cale- send me an email Monday if you have not resolved this issue. I have a contact in this charge off dept that should be able to help.
[email protected]
Permalink Reply by Tara Samney on November 11, 2012 at 4:44am

I went through the same thing with Chase this year...even though the negotiator on the 1st told me the 2nd with Chase would accept the payment (imagine my surprise when the negotiator on the 2nd Chase said he never had any contact from the 1st negotiator and wouldn't back down).  Supervisor and Escalation (multiple calls) did not help at all - all they did was say the negotiator on the 1st had the final say and no one offered any assistance with the junior Chase loan..  All escalation did was make the negotiator on the 1st be more difficult to work with.

 

You could try contacting Fannie with the details for assistance.

 

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on November 11, 2012 at 6:56am

The person at Chase Collections (is it RTR?) is an idiot.  I suggest you get back on the phone with them and cite CA SB458 and SB931.  Record the telephone call.  I use Ring Central.  Make sure you tell them the call is being recorded as required in CA.  I typically wait for them to tell me the call is being recorded and I say "I am also recording the call"  They will change their responses pretty quickly. 

 

If the note has already been sold to a collector they can do whatever they want.

You can also get the seller to authorize you to connect the 1st and the 2nd to discuss and that may help resolve it as well.

 

Good luck,

 

Permalink Reply by Elaine Cooper on November 11, 2012 at 7:19am
Is collection agency Lcs?
I had same situation
I went back to chase and complained
They took the loan back from Lcs
And approved it for amount offered by 1st
Good luck
Permalink Reply by Mark Gillaspy on November 12, 2012 at 4:31am

I made the mistake once by not going over the negotiators head at Nationstar 1st lien and Chase being represented by TDS 2nd (wanting 12,000), neither party would generate an approval letter before the other, I tried logic numerous times and neither would budge stating their investors won't allow. End result auctioned! 

Permalink Reply by Jamie Batte on November 12, 2012 at 8:14am

You need to go around the negotiator and get to their supervisor.  I had the same thing happen and first went to the VP who then directed me to the negotiator's supervisor.  Had an approval letter within 48 hours.

Permalink Reply by Cale Thomas on November 12, 2012 at 8:28am

Hello all.  Thank you so much for all of the helpful feedback.  For those of you that asked, this is a case where the negotiator’s center has a policy of answering the phone as “Chase” but I feel like it is a 3rd party (like RTR & LES) that answers the phone off of a script…

Permalink Reply by Cale Thomas on November 13, 2012 at 5:40pm

Oops I meant LCS not LES:)

Permalink Reply by Pat Chadwell on November 13, 2012 at 4:19pm

Sadly we had a 2nd with Chase that went to collections.  Chase before were taking $8k on a 123K second (buyer paying 2K of that).  When it went to collection department they were ruthless.  They said seller could pay or find someone that would or they would not close as it was also a CA SS. On a Friday Chase said yes to a seller contribution of 10K and an approval letter would be coming, then on Monday they said 15K for the seller.   Buyer added some funds too. Then the raping by Chase collection ended. It would nice to be able to report such cases.  That was great what Elaine Cooper did! 

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