Comment

Comment by Michael Hayley on January 10, 2011 at 10:37am

I should clarify, Thom: I negotiate for a law firm, it is not a Realtor relationship. 

 

A few more points: the 3rd party insists they do not own the note and are acting as agent. I am recommending we send a QWR to learn who owns the note.

 

In Florida, a lender has 5-years post foreclosure to sue for deficiency, then 20-years to collect. But what if they never file foreclosure? Is the liability hanging on for an infinite time?  

 

Yes, Wendy,  the amount of deficiency must be proven in court and can be challenged. Yes, the settlement of deficiency can be discounted in the future. 

Comment by Wendy Smith on January 10, 2011 at 10:23am

oh I don't think [in FL] the deficiency hangs over them indefinitely - I think it hangs over them for five years....so, stay under the radar for 5 years?  some lenders are monitoring the credit reports of sellers who have short saled (is that a verb?) and did not receive a full release - the lenders are waiting for the former borrower/seller to rebuild his life/his credit and THEN the lender will pursue the debt.  So, stay under the radar for 5 years or... perhaps be prepared to file BK depending on the amount of the deficiency. 

I'd like to know more about lenders rights in their pursuit of the debt.  Does pursuing a deficiency judgment require any judicial process?  Can a borrower request a hearing and challenge the amount of the deficiency or at least request a mediation at which time the debt can be perhaps mitigated or discounted?

Comment by Michael Hayley on January 10, 2011 at 10:16am

Thanks Thom. My relationship is legal.

Comment by Thom Colby CA Brkr 888-391-5245 on January 10, 2011 at 10:15am

Michael -

Obviously Chase has sold the note for pennies on the dollar to a 3rd party debt collector.  They do not care if it sells or not because they will always be in the black on this transaction.  When it gets to a point where they will make the return they want, they will play - until then they don't have to.

 

Best of luck - probably not worth any more of your time.

 

Thom Colby

Broker

Newport Beach CA

Comment by Michael Hayley on January 10, 2011 at 10:08am

This is a strange one. Florida condo. Owed $200k to Chase. Last payment was made over 1 year ago; no foreclosure suit files. Buyer offer is $25,000 and Chase accepts that value and approves the short sale but demands deficiency. Seller has no financial resources. 

 

We've offered seller pays $7k to get release from deficiency. Chase declines that and demands $100k net cash to release deficiency. Negotiator who is a 3rd party collection agent says Chase does not intend to foreclose, it would be too expensive. Chase' strategy apparently is to leaving this hanging over seller for indefinite future.

 

Can anyone think of a strategy to deal with this other than wait them out or try another short sale in 4 months and hope for a different set of negotiators? 

Comment by Karyl Moore on January 10, 2011 at 9:52am

Kevin, you must have the same negotiator that I have on one of mine. Is his name Josh?  Approved for HAFA but at a list price $60,000 over value.

Comment by Wendy Smith on January 10, 2011 at 9:51am

OH that's too funny!!  that beats the BoA counter that increased the price by $3.90 !!

Comment by Tni LeBlanc (805) 878-9879 on January 10, 2011 at 9:50am

Wow!  Sounds like they just finished a training.

Comment by Kevin - Greenville, SC on January 10, 2011 at 9:45am

Received a counter from Chase the other day for about 40K more than they are owed... Should be an interesting ride..

Comment by Marcy Moyer on January 6, 2011 at 1:02pm

Deborah,

If you call the customer service number for Chase Short sales you can probably get an update by asking the person who answers to read your file.

 

Marcy

• ‹ Previous
• 1
• …
• 92
• 93
• 94
• 95
• 96
• …
• 164
• Next ›
• Page