My sellers have a second lien with Chase, which unfortunately has ended in the recovery department and is now being handled by John Cardenas. He won't even release the lien for a short sale unless they received at least 20% of the balance. First lien is offering $3000, they want $11000.
After I spoke with him on Monday, he said no deal unless they get that amount. Then today I hear he sent my sellers a letter offering full release with no deficiency for $11000!!! Yet they won't "release lien only" for $3000??
Any suggestions for negotiations?
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Melissa,
which negotiator did you call? I have no other person.
Melissa Colvard-McKinsey said:
He called me when I was negotiating with Chase Equity and offered a settlement of way more than they were offering and I thought, "oh well, it's all over now". However, I called the negotiator and he was able to finish our negotiation to a successful close. I think they have leeway if you are already working on the short sale.
Evelyn,
I had already been assigned a negotiator. He was willing to take $11,000. When John called me, he told me that he didn't know anything about a short sale and that it was in recovery now and that we would have to start all over. He called back a few days later and wanted something like $40,000.
Luckily, the 1 negotiator was able to recall it.
Maybe you can call the customer service number and request a negotiator if you have an accepted offer...
how about compromise at 10% of the balance - if $11000 is 20% then 10% is $5500; first lien pays $3000, now you're only $2500 apart. Prom note? paid by buyer? split between buyer & seller? don't you dare throw in any part of your comission!
Chase WILL do 10% on a charged off 2nd but the front-guys (e.g. Cardenas) always demand 20%.
I have a file where the 2nd lien was with Chase for $160,000 and discharged in bankruptcy, the first with BofA has approved the short sale and will pay Chase $3,000 for lien release. Chase is refusing. How much will it take to get a lien release from Chase even though this debt has been discharged in bankruptcy? Any, help would be greatly appreciated.
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