Chase 2nd approval letter (wording)
Does anyone have a Shortsale approval from 2nd lien holder that is Chase? I got an approval letter which states the following. Chase 2nd lien is willing to accept 3k on a 80k from 1st lien holder. It was original an 80/10/10 loan so seller did not refi since the purchase of the property. The wording of the approval letter states the following verbage:
"The seller will still be responsible for all deficiency balances per the terms of the original documents."
The seller does not like this wording. They said if that is the case they'd rather let the house go to foreclosure than to sign this 2nd approval letter to release the lien for the shortsale.
What do you think? Any help is appreciated.
"The seller will still be responsible for all deficiency balances per the terms of the original documents."
The seller does not like this wording. They said if that is the case they'd rather let the house go to foreclosure than to sign this 2nd approval letter to release the lien for the shortsale.
What do you think? Any help is appreciated.
Replies to This Discussion
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Permalink Reply by Stephen B. McWilliam on
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Stupid Stupid Stupid. That's what the homeowner is if he doesn't accept. He already owes the money and will continue to owe the money, short sale or foreclosure. He will owe considerably less and avoid a foreclosure on his credit report if he ops for the short sale. He can always attempt to negotiate away any deficiency balance cause by the short sale. I can almost guarantee you that the foreclosure will cause him to have 2 deficiencies; 1 from the first and the second from the junior. Typically, they ending up in a BK to discharge.
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