SPS 1st with Chase 2nd...Neither lien holder will issue approval without other first. HELP!!!
We have a Short Sale we've been working on since March. It started with 2 Chase loans. We had approval but then the buyer backed out. Got a new buyer with matching offer to 1st approval. 1st loan was then released to SPS. Now SPS is telling us they will not issue an approval letter until Chase issues theirs. Chase is telling us they can not issue an approval letter without SPS's approval letter first to know what is being offered. We've even had an attorney write a letter to both lien holders on behalf of the Seller and still no luck. Can anyone suggest anything to get someone to issue the approval letter?
Replies to This Discussion
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Permalink Reply by Kerri Riggle on
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Since the home is vacant we expect we'll be going Traditional.
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We had an approval before when they were both Chase loans and the 2nd got $8500. This is what we currently have on our HUD and what we've expressed to all parties.
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Permalink Reply by Short Sale Superstars LLC on
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Have you reached out to the executive office at SPS or Chase yet? Have you spoken to any managers? Typically the issue you are encountering is resolvable. Also, who is the investor on the 1st note?
310-564-6389
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Permalink Reply by Adele Guarino-Sanders on
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The same thing happened to me. i spent 8 months fighting the two. Eventually SPS service released and i was able to get it done. Sorry, not much help but feeling your pain!!
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