Borrower has 2 loans with Chase. The 2nd is a HELOC. Received an approval letter for both loans but it states Borrower is still responsible for all defliciency balances remaining on the loan, per the terms of the original loan documents.
Negotiator is stating a cash contribution is necessary to remove the deficiency language. Has anyone been successful in removing the language on a HELOC without a seller cash contribution? Chase is willing to remove language for 20% of the unpaid balance. Any suggestions or strategies used to remove the language would be much appreciated.
Also, Borrower does not meet HAFA eligible criteria.
Tags:
How much is "20% of the unpaid balance" (how close are you)?
Try some of these lines:
"We have closing set for __XX__ (where XX is 10-14 days from today), are we really going to have to re-schedule closing"
or
“Can the Buyer contribute the cash”
or
"Can the agents contribute cash"
or
"Since there is no cash to contribute, how long do I have to find a new Buyer before you guys decide to foreclose"
Also find out how soon the HELOC will go to charge off status (normally after 6, 9, or 12 missed payments). A charge off can be a blessing or a curse.
Best move might just be to wait them out unfortunately, assuming of course the Buyer truly has no cashola to contribute. Often times, as long as you can keep the foreclosure buzzards away, waiting 60 to 90 days will make a cash hungry second relax their terms.....particularly if you have contacted the investor on the second and notified THEM of possible unnecssary servicing fees they are being charged.....
I would also try the higher ups at Chase:
Executive Resolution Group for Chase, 866-605-9253
and
888-310-7995 (Executive office for Chase) - EXCELLENT number
Looking forward to finding out the outcome on this. I have a pending right now with Chase ad was told last week i'd have an approval letter by the end of last week. Nothing as of now. Spoke to the Executive Group 888-310-799 who said they emailed the neg so at this point we're waiting.
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