Chase in 2nd position
I'm absolutely astonished and desperately need some help. I finally found out more information on a short sale but don't know where to go from here.
BofAm has the 1st mortgage on this short sale, and Chase has the 2nd. The offer is enough to pay
100% of the 1st mortgage and at least 60% of the 2nd.
The BPO was completed nearly 4
weeks ago -- but nothing was being moved forward by Chase, and we
couldn't figure out why.
Finally we found out this morning that, even though BofAm was being
paid COMPLETELY off with $50-60k available to pass on to Chase, they
were only passing on the traditional $3k Chase. Does that mean that
BofAm is pocketing the rest of the money in the deal?!
What can we do to get this moving? Any phone numbers or contacts that
anybody can pass along? The deal needs to close by 6/30, not for the
tax credit but for lease issues.
Any thoughts/advice would be very helpful. Thanks in advance!
BofAm has the 1st mortgage on this short sale, and Chase has the 2nd. The offer is enough to pay
100% of the 1st mortgage and at least 60% of the 2nd.
The BPO was completed nearly 4
weeks ago -- but nothing was being moved forward by Chase, and we
couldn't figure out why.
Finally we found out this morning that, even though BofAm was being
paid COMPLETELY off with $50-60k available to pass on to Chase, they
were only passing on the traditional $3k Chase. Does that mean that
BofAm is pocketing the rest of the money in the deal?!
What can we do to get this moving? Any phone numbers or contacts that
anybody can pass along? The deal needs to close by 6/30, not for the
tax credit but for lease issues.
Any thoughts/advice would be very helpful. Thanks in advance!
Replies to This Discussion
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Permalink Reply by Jeff Payne on
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I responded to the other post, Lonnie, if BofA gets paid in full, you only pay them what is owed on it and the rest goes to the second. Why would you submit a short sale to a bank if it is not short?
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Permalink Reply by Lonnie Hunter on
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The offer was less than what was owed between the 2 mortgages -- so the offer was short.
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Permalink Reply by Ben Benita on
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Jeff is correct, NO NEED to involved B of A in the process as they are not getting shorted. You need only let Chase know what you are offering to release their lien and get them to sign off on THAT payoff amount.
If they are getting 60% of what they are owed, and, your offer is "in the ball-park" compared to the BPO value, you should be fine (just need to wait it out, or, escalate your file to a decision maker at Chase).
You can contact me offline, [email protected], and I can get you a few contacts at Chase. -
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Permalink Reply by Gwen Mark on
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B of A cannot take more than what is owed on their loan. The balance will have to go to the 2nd. The negotiator should have made the payoff clear and it should be on the HUD1.The Borrower needs to get a payoff statement from B of A and that is what they get. Nothing more.
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