After working this listing for 2 years and having 5 contracts #5 finally decided to hang in.
Chase held the 1st and 2nd (HELOC) but recently transferred servicing on the 1st while we are awaiting a decision on an offer for 2 months, the appraisal had been completed in mid November. The good news is the 1st approved at once with the typical $6k to the 2nd. This is an identical offer that Chase had approved in September but now Chase is demanding $35k for the 2nd. The 1st says their guidelines restrict the 2nd to the $6k and prohibits the borrower from adding any funds. My contact at Chase is adamant that this is the bottom line, $35k.
I am at my wits end. The borrower decided to forego the loan modification (which was a stretch for her) in favor of the short sale as the buyer was committed. We had no warning the 1st was being transferred and now seems like we have reached a dead end.
Where do I go now? Any hope?
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There is still a less confusing option available to your client, whereby they could keep their home if they really do not want to sell. I will be more than happy to discuss this with you.
Thanks for your response Kevin! After hours trying to reach the right department I finally made contact with the escalation division for loans in "recovery" at Chase and spoke with a wonderfully helpful gentleman there. He called this morning to stay that he has spoken to the supervisor and we are approved! Just waiting for written verification.
Sometimes common sense does prevail! No one wins with foreclosure.
Who is the investor on the 1st loan and how much is owed to the 2nd? Has the 2nd lien been charged off?There may still be hope, but you need to escalate the file with the 2nd mortgage and may end up needing to potentially re structure the transaction.
Brett@ishortsalenow.com
310-564-6389
www.ishortsalenow.com