Chase Short Sale not Freddie or Fannie

Have a cash buyer for a short sale that was sold for half the amount owed on the property. Chase is holding out for a promissory note or cash from the seller at closing. The seller has moved out of state and was unemployed for a year before the sale.  He has found work in his new state and does not have the money to contribute to the closing.  We are supposed to close this week.  The negotiator will not budge. 

Views: 156

Replies to This Discussion

Permalink Reply by Jeanette Becker on October 21, 2010 at 10:09am
In this case, the bank wanted the entire deficiency (45K) paid back in a promissory note at 0% interest over a period of 7 years. The seller was just making ends meet in his new job and had nothing to spare. The reason he dug in his heels is that they requested $1500 to try to do a refinance that failed prior to the short sale. He said he was done sending money to them as he felt they didn't do enough when they could. I am not saying I agree with his thinking, just that there was no moving past this to try to minimize the total impact on his credit. It was his decision which I honored and let it go. My feeling is he will probably default on the deficiency one way or another. even filing bankruptcy.

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

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