Replies to This Discussion

Permalink Reply by Ben Benita on June 16, 2010 at 11:56am

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

Permalink Reply by Diane and Doug Briggs on June 16, 2010 at 12:06pm

Thanks Ben for your comments. The HELOC is for approximately $56K, so 20% is $11,200. Borrower does not want to go to foreclosure. I like your negotiating lines. Will try them.

Ben Benita said:

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

Permalink Reply by sherry on June 16, 2010 at 12:31pm

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.

Permalink Reply by Diane and Doug Briggs on July 21, 2010 at 11:43am

We were successful in getting the deficiency language removed, however, it did require negotiating a cash contribution from the Seller at closing to do this.

sherry said:

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.

Permalink Reply by Anna Boyd on September 24, 2010 at 3:15am

My issue with the deficiency languate on the HELOC for Chase is that the first (PHH) will not allow $1 extra dollar to go to the second, and I'm not going to keep it off the HUD. I could probably wrangle a couple thousand from somewhere to do this - other than the stance of the first. If they see extra, they want it for their own and have point blank said so.

And does anyone have experience on how forceful they'd be in trying to collect after home is sold? Amount left over is $41k.