Replies to This Discussion

Permalink Reply by Joyce Freese on August 27, 2010 at 7:15am

My guess is 10%.

Permalink Reply by Joyce Freese on August 27, 2010 at 7:15am

My guess is 10%.

Permalink Reply by Dianne Slutsky on August 27, 2010 at 7:18am

On seconds, Chase will demand a minimum of 35% of loan balance and they do not care where it comes from We currently have a 2nd with Chase where the balance was $180,000 and they demanded $65,000. After two weeks of negotiations, they are now down to $35,000. The first has granted $3,000 and the seller has offered to sign a note - which they refuse. The seller now offered to borrow $7,000 from family members to offer $10,000. Chase has refused. Chase is the bank who received lots of bail out funds and now they are forcing my client into a bankruptcy action and possible foreclosure. They simply do not care. Chase is short changing their investors $10,000 and will get nothing with bankruptcy. They will also loose the rights of recourse. Bottom line, Andrew, they will demand 35% of balance and perhaps settle for 15 to 20% - at least that is my experience to date. Keep us posted on your negotiations. Someone needs to hold Chase accountable for their outrageous behavior.

Permalink Reply by Doug McVinua on August 27, 2010 at 9:27am

I also have a file with a Chase 2nd HELOC (95K) that is now with Recovery Services. BOA (1st) is offering them $10,000 and they won't take it? Chase has been difficult to say the least. The borrower even offered to bring $2500 to the table and still no reasonable response from Chase. Borrower has qualified for Chapter 7 BK, letter from BK attorney and BK means test have been sent to Chase as well showing that if the short sale does not go the borrower will just BK and Chase gets nothing. Chase (Recovery Services) does not seem interested in negotiating, still wanting 50 -70% after 10 months.

I escalated to Chase Executive Resolution this week, waste of time as all they do is send you back to the same point you had before.

Chase seems to want to write off the full loan amount. Chase claims no MI on the loan?

Doug McVinua
HomeSmart
Phoenix, AZ

Dianne Slutsky said:

On seconds, Chase will demand a minimum of 35% of loan balance and they do not care where it comes from We currently have a 2nd with Chase where the balance was $180,000 and they demanded $65,000. After two weeks of negotiations, they are now down to $35,000. The first has granted $3,000 and the seller has offered to sign a note - which they refuse. The seller now offered to borrow $7,000 from family members to offer $10,000. Chase has refused. Chase is the bank who received lots of bail out funds and now they are forcing my client into a bankruptcy action and possible foreclosure. They simply do not care. Chase is short changing their investors $10,000 and will get nothing with bankruptcy. They will also loose the rights of recourse. Bottom line, Andrew, they will demand 35% of balance and perhaps settle for 15 to 20% - at least that is my experience to date. Keep us posted on your negotiations. Someone needs to hold Chase accountable for their outrageous behavior.