What is my next step? GMAC approval on First, 2nd is Chase, no response.
Seller discharged both mortgages in Chapter 7 in 2008. Both loans were not reaffirmed. Offer is $255,000. Balance owed GMAC is $269,000 and Chase 29,000. GMAC was 10 days from non-judicial foreclosure when offer came in. Packages submitted to both simultaneously to stop foreclosure. It is now delayed til May. Letter of acceptance from GMAC taking whole amount with 0 to second lienholder. No response from Chase as of today and not assigned to negotiator. Now what do I do?
Replies to This Discussion
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Permalink Reply by Bryant Tutas on
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Carol. Chase is the worse in my opinion. Have you had the seller try reaching somebody? You just have to keep trying. Be very persistent about reaching a manager.
How come GMAC is not offering Chase any money? Did you have a figure on the preliminary HUD? GMAC is usually very good about giving money to the 2nd lien holder. Heck I even have them paying $1,500 for a pool repair on one of my deals. -
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Permalink Reply by Carol Pease on
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Yes I had $3,000 on the HUD and referenced that there was a 2nd lien holder on my LOA and in my letter to them.
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Permalink Reply by Paola Martinsen on
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GMAC must give the second some money since it was discharged in the BK they will probably even accept 1k. Other possible solutions are: commission contribution I wouldnt do more thank 500 from each agent or a contribution from the buyer for 1k. As far as Chase goes, I agree with Bryant, you should be persistent and try to get a hold of a manager.
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Permalink Reply by Pattilynn Guilford on
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Hi Carol - Chase Helocs are a bear. Make sure you submitted a perfect submission package. Everything goes into the 2nd drawer at Chase and you have to stand out. If need be, do another package and overnight it to the head of their loss mitigation department. Add in the letter that you already have an approval.
Chase is the shark in the water - they will negotiate and want money. You have to prepare your seller for this possibility from the get-go. They usually take a fourth of what is owed and your sellers from this point on should negotiate with their Helocs in advance of a short sale. Regions is doing this even with current Helocs. This insures clear title.
GMAC is making good money on this short sale and can afford to give at least $3K to Chase. You could go back to them and tell them this property is headed to foreclosure unless they give $6K to the second. Then do the numbers and show them how much more they will lose on the courthouse steps short sale vs foreclosure. (REOs usually get sold for less and then even less when re-listed, thereby decreasing market integrity more so.)
Thinking your best bet is to get GMAC to give to Chase. Did you have money on your draft HUD for Chase? -
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