I have an approval from Wells Fargo for a first lien. It is a FNMA insured loan and their guidelines only allow up to 6% contribution to the 2nd lien holder, which is Chase. In this case, 6% is $3540.
The Chase lien is being handled by a collection agency, GC Services. They will not take a dollar less than $12,018, which is over 20% of the balance. The buyer has agreed to contribute $3000 towards the 2nd lien and the seller can contribute about $1500 but obviously, that is not enough.
Has anyone been able to work out a deal with GC Services where they will accept the Fannie Mae standard 6% or is there any higher up that I can speak with to negotiate a lower payoff?
Tags:
Ana -
I had a transaction last year with BAC 1st and Chase / GC "HELOC". GC would not accept anything less than 20%. We tried for several months and they never budged. In the end, they got paid their 20% of UPB ($11,500 from the two Brokers) so the transaction could close. GC got more $ than the Brokers! I was the Buyer's Broker. Believe me, I'll think more than once before doing another transaction with GC as one of the lien holders. As a Listing Agent, I will not take a listing with GC as a lienholder.
Best of luck,
Thom Colby
Broker
Newport Beach CA
Had a GC Services file, Chase HELOC that was transferred to GC for collection. GC started at 50% and would not go below 20%, client filed BK and wiped them out.
Don't understand Chase collections holding out? They must get a few to cave?
Arizona Homes for Sale by a Guy from Iowa
Hi Wendy -
Believe me, GC will NOT Release without 20% of the UPB. That's different now in CA due to SB458, but in other states, I'm sure it still holds true.
Good luck !
Wendy Smith said:
remind GC Services you are just looking for a lien release, not a satisfaction.
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.