Replies to This Discussion

Permalink Reply by sherry on August 22, 2010 at 8:15am

My last short sale with chase closed on July 23rd. Have not seen the new approval letters but would be interested to see what it looks like.

Permalink Reply by Janie Booth on August 22, 2010 at 10:31am

Yes, can you black out the personal information and post the approval for us?

Permalink Reply by Mike Warfel on August 23, 2010 at 7:48am

The Phrase that has been in almost every Approval letter I have seen, 4 this year, states that Chase may wave deficiency rights. When that word is challenged the reply is; their lawyers demand that wording not be changed.

Permalink Reply by sherry on August 24, 2010 at 2:04pm

Janie - here is the approval I got from Chase. The first one you would see they had the wording about reserving the right to pursue the deficiency. After negotiating the seller to bring $$$ to closing, the wording was revised in the 2nd approval letter and this is the one that was signed at closing. This property was located in Florida if that makes a difference.

Mind you, they are so backed up that my seller received phone calls from the collection department for the first 2 weeks after closing about making a payment plan to pay the deficiency and he faxed the approval showing it was settled in full at closing....

Attachments:

• Chase Approval - SSS.pdf, 797 KB

Permalink Reply by Paul Francis - Vegas Short Sales on August 24, 2010 at 6:43pm

See Sherry's Attachments... specifically Approval #1 with the language concerning that even though Chase will remove the lien, the seller is responsible for the difference.

My negotiator confirmed that Chase is now all backed up with confusion due to this new language in their approval letters. A supervisor at Chase confirmed that they will not remove this and it is so Chase can go after sellers not disclosing assets. Sellers that are not hiding anything... have nothing to worry about. (Of course.. fat chance getting that in writing.)

Unless of course.... the sellers make a payoff as Sherry showed in Approval Letter #2...

Personally... I'll be advising sellers before even taking their Chase Short Sales that they will more then likely have to make a contribution if they want the Future Deficiency Judgment right removed...

Permalink Reply by Janie Booth on August 25, 2010 at 5:24am

Thank you Sherry & Paul!

sherry said:

Janie - here is the approval I got from Chase. The first one you would see they had the wording about reserving the right to pursue the deficiency. After negotiating the seller to bring $$$ to closing, the wording was revised in the 2nd approval letter and this is the one that was signed at closing. This property was located in Florida if that makes a difference.

Mind you, they are so backed up that my seller received phone calls from the collection department for the first 2 weeks after closing about making a payment plan to pay the deficiency and he faxed the approval showing it was settled in full at closing....