Mortgage Insurance Company wants a $17k Note from sellers

This is a Chase short sale and the mortgage company has come back with a demand for a $17k interest free note from my sellers.

Does anyone have a solution for this, or is my short sale dead? The sellers have no room in their budget for a note like this and they will just walk. Is there anything I can do about this?

Thanks SuperStars!

Jerri Schick, Realtor, CDPE

jerrischick@yahoo.com

281-414-3835

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Permalink Reply by MaryAnn Dempsey on August 24, 2011 at 3:10pm

I have been asked 2 times before for a note to be signed and I have told the bank repeatedly, the seller have no room in their pocket for a note. If they did, they would not be giving up their home. If they do not remove it, ask for it to be escalated until you get the results you are looking for. It will take time, but you will more than likely come out with a favorable response.

MaryAnn Dempsey

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Permalink Reply by Jerri Schick on September 6, 2011 at 10:37am

After formally denying the the short sale request due to seller's rejecting $17k promissory note (we offered them $1,000), and closing the file and the negotiator actually telling me nicely to 'go away' . . . I get an email from the negotiator 1 week later saying the MI company has done a 180 and dropped the cash request and promissory note requirement and has approved the short sale request as-is. :-) Doing a happy dance!