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Permalink Reply by Katherine "Kat" Breig on November 6, 2011 at 5:55am

Remember in CA this bill passed in July: SB 458 - Deficiency Judgements. I had a  Chase - 1st, 2nd, Keybank-HELOC, IRS lien AND an unpermitted-unfinished pool we finally closed on 10-24 after 8mths. No Deficiency Judgements, lien removed from property, a lender local lender that did a loan (40%LTV), no funds brought in to close AND 6% commission! After 5 mths of no contact from the 2nd the 2nd wanted $$ we offered up another $10,000.00. The Mon. after the Bill was signed I faxed to Chase, the 2nd declined the $10,000.00 we offered, after another 4 week wait.  CAR attorney's told me the verbiage to put on the the approval letters which I advised my clients to do so and we recieved approvals with NO Deficiency Judgements, and no funds brought in to close!! My sellers were exstatic! Gov the lead CAR Attorney was at our Board speaking and I had a 1 on 1 conversation with him with respect to the Bill. KNOW THIS BILL.....

 

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Permalink Reply by Pamela Brennan on November 6, 2011 at 9:44am

Thank you for your response.  Pros and cons of real estate are that certain things change and certain things do not change.  if you are referring to gov hutthinson, i had a one on one with him also.  i have a client with a 2nd mortgage with chase that wanted him to sign a prom note which he vehemently refused.  this was back in january and it's a good thing he didn't sign one because the law changed.  my issue with gov was  making it retroactive but that is not the case - right now.

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Permalink Reply by Pamela Brennan on November 6, 2011 at 9:46am

I am not letting him call the shots.  i listen to my clients and if it makes sense, why not.  i have submitted all the paperwork - that's the easy part, huds included.  thank you for your advice harry - i always take heed!

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Permalink Reply by Pamela Brennan on November 6, 2011 at 9:47am

by the way i will ask the negotiator with chase my clients question.  i have developed a rapor with her.  i'll let you know.

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Permalink Reply by Eric Mieles on November 6, 2011 at 3:51pm

Pamela are you referring to the question "does first lien holder negotiate with 2nd?" chase will not negotiate with BOA for you. You will have to do exactly what Harry said and negotiate to get both first and second to agree.

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