Comment

Comment by Alan Remigio on February 11, 2011 at 9:07am

Aida,

General rules still apply. Is there still a hardship in paying the combined payments? or did your client increase his debt load to accomodate the freed up cash? If the hardship is still there after the loan mod, you may be able to short the 2nd, 3rd or both. Since I don't know his true financial condition, he may also have BK options, but I'm not an attorney, so he needs to see one if he still has budget challenges. .

Comment by Aida Gonzalez on February 11, 2011 at 8:42am

I have been doing short sales for the past 3 years. Now I have a customer who asked me the following question:

He modified his first mtg with Chase, but has TWO helocs, as 2nd and 3 lien position. Can one of the HELOCS be write off?

Thanks

Comment by Bettie Meadows on February 9, 2011 at 3:14pm

I am a short sale negotiator. I have 2 investor clients that have given me 16 properties on which to do short sales. (all with Chase). I have negotiated each property separately with Chase. All were/are upside down.  I have closed on 9 of them and have 2 other in contract. bringing the total to 11. All  selling for under 20k. Balances owed are from 65k to 90k. So far I have only have 2 deficiency judgments and that is because one of the clients makes massive dollars.  hope this helps.

Comment by Bill Garrett on February 9, 2011 at 8:54am

Bettie: Thanks for the encouraging info. 

Larry:  Properties are underwater, without adequate revenue to meet debt service, maintenance, taxes, insurance, etc.

Comment by Alan Remigio on February 9, 2011 at 6:26am

Bill, unless it's a wraparound mortgage, it will be dealt with individually. I do need to ask...even if the value is under water is there cash flow to service the debt  AND produce net income?

Comment by Bettie Meadows on February 9, 2011 at 6:23am

Bill. Yes separate for everyone. I have 2 investors with 8 each and have submitted 16 cotracts . Alll has gone well.  should be a piece of cake. Smile

Comment by Bill Garrett on February 9, 2011 at 6:18am

I have a seller with a dozen separate investment properties with a separate Chase mortgage for each of the  12 properties.  The whole portfolio is under water.   My instinct is Chase will want a separate contract (and a separate short sale file) for each property.  Has anyone had this or a similar experience?  Thanks.

Comment by Debra Enos on February 3, 2011 at 9:35am

This is true....but doesn't always work if the bank or investor (not debt collector) still holds the paper....my client also threatened the big BK after closing, earlier if necessary if only to stop the auction........the bank just didn't care....they wanted something.  So Shannon, find out who currently owns the mortgage.  Regardless of who owns it now, facts are reality.  If the seller doesn't have it, they can't contribute....at least not as much.  And depending on the WHOLE story for the seller, the bigger picture here is without the defeciency the seller could take the next 2-3 years and regroup and able to buy again, in a better market.....do you see this as a possibility with your client-?  Like I said before....inform them of the advantages of some kind of contribution....if push comes to shove.  Then keep in touch with them and sell them a more affordable home, with a good loan in a few years.

Comment by Thom Colby CA Brkr 888-391-5245 on February 3, 2011 at 8:39am

Hi Shannon !

In addition to what's already been said, has Chase sent the 2nd to "Recovery Dept." ?  Typically if it gets that far, the Collectors will take nothing less than 20% at a minimum because that's the price they bought it from Chase.  Chase still negotiates it, but the loan is likely sold to a Debt Collector.  Last year I had one just like this - it finally closed but no without "contributions" from everyone and there was a full deficiency release because the seller told Chase they would file BK upon COE.

 

I hope all is well with you - glad to see you here!

 

Best,

Thom Colby

Broker

Newport Beach CA

Comment by Debra Enos on February 3, 2011 at 8:33am

Shannon -

I had a Chase SS that I closed recently, where the seller owed over a million dollars - on a hefty cash out refi - 24 months behind on payments. I did get the deficiency waived, but for only $10k. A far lower amount than yours.  Originally they wanted $30k.   Is the loan serviced or owned by Chase - an investor may want a highter % than bank owned? 

Plus I've noticed a pattern that may take play here....if your seller hasn't been making payments for a long while, the bank just sees that the seller is stashing it, and want some of it back.

Support your clients financial state, savings, moving costs the seller is facing, etc. , You may even want to consider the seller to write a letter stating their current (this month) financial position, moving cost, # in family, etc....not a hardship letter, just their response to the contribution demand and why they can't pay $53k- review it and make suggestions before finalizing and sending it in. 

 

Ask your client what is the maximum she can pay if push comes to shove, ....you might be surprised,  and let them know the advantages of it. 

 

Chase may take a "token" amount if your client just can't do anymore, supported.

 

Good luck.

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