Comment

Comment by Bettie Meadows on February 19, 2011 at 5:17am

I do know that all of the  banks are being more aggressive in deficiencys and contributions. Unlike anything else I have seen in my five years of doing short sales.

Get ready for a new wave of policies. . The news reported that the" banks are going to pursue deficiencis on sellers for years to come until they get their money. They are relentless. They continur to check credit reports for new loans/purchases etc. Looknig for money.

Too many defaults. Banks are starting to feel the crunch". There are the words of the experts/professionals, not mine. we have to find a way to make it work for our sellers and buyers. .. 

Comment by Kevin - Greenville, SC on February 19, 2011 at 4:33am

Jean,

A cease and desist may or may not have any effect.  It's just another tool.

 

Comment by Jean Beymer on February 18, 2011 at 5:58pm

Kevin can you tell me more about sending the cease and desist letter.

How much time will this buy him? What would we expect to gain from this? etc?

We were in back end recovery when we closed with a $3K contribution from Chase Prime (1st).

Now collections is wanting 30 cents on the dollar.  Any advice?

Comment by Steve Early on February 18, 2011 at 10:08am

Irina:

There is no way to tell at all. Every transaction is completely different. It depends on the seller's finances, the offer, the servicer, the investor ... in total there are probably about 10 people involved in a short sale, any one of which can speed it up, slow it down or screw it up.

Comment by Irina Nusinkis on February 18, 2011 at 9:47am

I am just START! CHASE  Home loan + Home equty. TOTAL -  $100k difficiency . If anyone knows what is homeowner predictions, regarding today  timing  and money

terms.Hey ,CHASE SUPERSTARS!

Comment by Shannon Jones on February 18, 2011 at 8:07am

Thanks for those who offered guidance in getting the deficiency waived on our 2nd lien with Chase! We were able to get an approval with the deficiency waived in exchange for a cash contribution of 20% of the debt remaining after applying the sales proceeds. In this case, that was $35K. The bulk of it's coming from the seller, with a bit from the buyer and agents.

Comment by Shannon Jones on February 18, 2011 at 8:05am

Jean -- we just got a short sale approved w/Chase and are doing a 20% contribution in exchange for waiving the deficiency. The negotiator told me that they will accept 20-30% settlement in the short sale but that when it goes to the recovery department, they're looking for more. She said typically 40-50% is what they're seeking at that point. I haven't had a client get to that point, but would welcome input from others.

Comment by Kevin - Greenville, SC on February 17, 2011 at 4:04am

Jean,  Have your client send them a cease and desist letter and/or a debt validation letter under the Fair Debt Collection Act.

Comment by Jean Beymer on February 16, 2011 at 8:05pm

I closed a short sale last year.  Chase on both the first and second.  Chase released the lien on the second but did not waive the deficiency.  Original note $53K.

Debt collector aggressively calling borrower. They are looking to settle note.

Does anyone know what amount Chase sells the notes to the debt collectors for? 10% 20% 30%??

Is anyone seeing settlements as low as 10%?  This was on investment property.

Comment by Aida Gonzalez on February 12, 2011 at 4:45am

Alan, thanks for your answer He has a hardship, thisperson is already retired, the property dones't worth the total debts including the two helocs, he is afraid that the interest rate of this helocs (variable rate, actual is 3%) increase in a few months, and he can't pay them.

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