Getting beat up bad by Chase 2nd lien negotiator in the recovery dept. On a 138k 2nd purchase money in CA, negotiator insists on 32k just to release the lien. He came up with that calculation because 1st lien net 320k and they want 10% just to release the lien. Finally the number came down to 20k, 1st only willing to do 3k.
2nd tells me to ask the 1st to foreclose, 1st tells me they will foreclose and 2nd is not getting a dime, homeowner's attorney tells them to foreclose...and of course I am the only one who cares...
Just looking for encouragement and ideas to see if anyone has been successful with the recovery dept in getting an approval. Went to resolution office already and nothing came out of it...
Thanks!!!
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Chase executive resolution office is supposed to be some kind of a middeman. You can open up a case, state the nature of your situation and they will assign this to an analyst who is supposed to get back to you within 72 hours. They will try to liase between you and your negotiator or supervisor to get your problem solved. The number is 1-843-673-3785
toll free number for executive resolution, also on the east coast, 888-310-7995
In California:
Chase Home Finance LLC 10790 Rancho Bernardo Rd. San Diego, CA 92127. San Diego Loss Mitigation 1-858-605-3345 1-877-838-1882. Chase Home Finance LLC, (858) 605-3300 and 858-605-3099.
Elaine Kan said:Chase executive resolution office is supposed to be some kind of a middeman. You can open up a case, state the nature of your situation and they will assign this to an analyst who is supposed to get back to you within 72 hours. They will try to liase between you and your negotiator or supervisor to get your problem solved. The number is 1-843-673-3785
I have a 1st and 2nd with Chase. 2nd went to recovery dept. 1st offered 2nd $3000. I recieved approval on 1st and 2nd said ok but we will come after borrower for the $97000 deficiency. I replyed that Arizona is an anti deficency state and attorneys were advising not to sign deficency but to go to foreclosure. After negotiating, borrowers came up with $6500, and buyer will chip in $500, with the $3000 from 1st, making a total of $10000. Just over the 10%. no deficency. I am seeing more and more of the 2nds going to charge off. Somehow this puts them in a more aggressive position.
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