CHASE WANTS TO GIVE SELLER A DEFICIENCY JUDGMENT

One of our clients has a Chase 80/20.  Chase approved a regular short sale but is expressly asking seller to agree that there will be a deficiency judgment.  Any suggestions as what to do?  Seller won't sign if there is a deficiency (because doesn't want to file for bankruptcy to get rid of it...)  Thank you

Views: 765

▶ Reply to This

Replies to This Discussion

Permalink Reply by Bryant Tutas on August 7, 2011 at 12:30am
going out in the newsletter today
Permalink Reply by Rosemary Brooks on August 7, 2011 at 1:25am
In California SB 458 should protect homeowners that do a short sale from this type of "want" from the lenders.
Permalink Reply by Kathleen Jamal on August 7, 2011 at 5:02am

A deficiency or not is the investor that owns the mortgage loans demand.  The seller should be encouraged to write a letter re: why they can't financially afford to be responsible for the  entire deficency and counter offer a partial repayment with affordable payments and zero interest and see what they say.  Also, some investors do not have a divison of their company to pursue these "deficiencies" so I've also been aware of the seller really never hearing from them again.  But, I wouldn't bet on that.

 

Kathleen Jamal

Operations Manager

The Law Offices of Robert C. Russell, P.C.

Permalink Reply by Yuri Ramirez on November 1, 2011 at 7:40am

i had this happen recently, and all it took was a phone call to chase to explain that in california that is illegal. this is an anti-deficiency state...they also tried to collect a cash contribution of $500 from seller but when i called they realized that it was illegal to request that in this state as well. managers seem to get it, negotiators sometimes do not so best advice is go straight to management.

RSS

Members

© 2024   Created by Short Sale Superstars LLC.   Powered by

Badges  |  Report an Issue  |  Terms of Service

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