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Dan -
I'd bet 90%+ of the time. Try to be patient. By the time Chase gets to this point, the negotiator wants it to close.
Dan,
First, I can't give you an exact % of how often Chase (or any other lender) will go ahead and take a deal that they've countered on and the buyer refused (for any reason) to improve their offer. But, I can tell you for a fact that I've had deals where this has happened and Chase eventually did accept the original offer after finding out that their counter was declined.
Given this, and if I was your agent advising you, I'd recommend waitint to see if Chase will accept the original offer after they've had time to digest the fact that their counter was declined before offering to contribute yourself.
Good luck!
Bunch of questions:
*What is the sales price; what is defaulted loan amount? If it is $40k, you are far apart. If $200k, you are almost there. Its relative.
*Did the Settlement Agreement grant you release from deficiency? Do you know for sure? (Suggest consult with an attorney). If you have the $10k, is it worth making the deficiency and the debt go away for $10k? Sometimes $10k is nothing in the scheme of things.
* Everything is negotiated. Weigh playing hardball with Chase vs. making it all end today!
* be careful that your Chase negotiator might be reading this too. If I were he, I'd be doing so. Then again, I'd never work for Chase!
Thanks Michael - here are a couple of brief vague answers..
Michael Hayley said:
Bunch of questions:
*What is the sales price; what is defaulted loan amount? If it is $40k, you are far apart. If $200k, you are almost there. Its relative.
*Did the Settlement Agreement grant you release from deficiency? Do you know for sure? (Suggest consult with an attorney). If you have the $10k, is it worth making the deficiency and the debt go away for $10k? Sometimes $10k is nothing in the scheme of things.
* Everything is negotiated. Weigh playing hardball with Chase vs. making it all end today!
* be careful that your Chase negotiator might be reading this too. If I were he, I'd be doing so. Then again, I'd never work for Chase!
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