Help Needed. Etrade contact info or advice on a file.

 

Hello. Home value is $900,000 in Colorado. 1st is Etrade with BofA as servicer. Etrade will only allow $3000 to Jr. Lien holder which is Chase.

Chase refuses to accept less than $25,000.  Funds could be obtained for Chase from commissions, buyer, seller, etc. but can't be on the HUD.

 

I'm stuck.  Etrade does not have a mortgage department of their own as far as I know.

Chase file has been escalated but assigned to another negotiator offering the same $25,000 payoff.

 

 

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Paul. I would place the extra money on the HUD as a POC item on the buyer or seller side. Or both. Submit it and you may be surprised that it will go right through. Don't ask... just do it. OR the JR lien could receive the additional funds PRIOR to closing. OR maybe they can receive finds AFTER closing. In order to do that there would need to be a prom note signed at closing that is paid in full shortly there after.

 

Please be sure to check with your broker and the closing agent for approval to implement any of these ideas.

Bryant. Thank you for the excellent suggestions.  The prom note idea is out since Chase has charged off the debt.

The cash to Jr. Lien holder is tough before closing because no one is comfortable putting up $15,000 to $22,000 prior to closing. I know that I don't trust any lender to re-issue a new approval letter. The buyer has stated that they would not do so.

 

That leaves me with one option of placing it as a POC on buyer side. However, title or closer would need to approve of it. My concerns are that the dollar amount is significant.

 

Thank you, Paul 

Paul. The dollar amount should make no difference at all. If the buyer is getting a mortgage they their lender will have to approve it but title should have no problem with it.

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