Ok I have a situation where CHASE has charged off the second lien and refuses to do a short sale. I have gone all the normal routes of escalation through executive offices and they stated that generally a "release of lien" is filed if the loan is charged off. (which of course its not, we have title pulled)
So now they are stating that it needs to be paid in full ect.
HELP..any advise? Never been in a situation like this, generally I can get to someone else who can make it happen and i am at a loss.
Does their position have any equity? If so, how much?
Is the account in Chase's charge off department in house or a different company?
Sounds like there must be something else going on, I've completed numerous short sales with chase as a 2nd mtg /w a charged off lien. Makes no sense why they wouldn't want to settle.
Brett is correct, something seems to be missing on this?
Are payments current perhaps or the home only marginally "upside down" (maybe the bank's value shows they WILL get paid in full if they foreclose)?
I am glad to have my team get involved - Ben@ShortSaleShop.net
and I believe Brett also processes short sales for Agents if you want some help?
I wish you all the best either way.
So do you have the letter indicating the Charge off? Charging off does not mean they have to release the lien, they are just saying they are not going to pursue collection -- so negotiate the second payoff like you would any other second lien in a short sale. Are they saying they are not going to negotiate?