Seller Must $PAY $80k Cash for Chase Considering Short Sale?
I need an answer and FAST! I have a short sale I am negotiating with Chase with a foreclosure sale date scheduled in the next 14 days. The file has been with Chase approx. six weeks. BPO is complete, all documents current w/no outstanding items, and we've been working daily towards an approval letter and/or postponement of the sale. Chase's negotiator has come to me in the final hour (this past Friday night) with a demand for $80,000 from the seller "to show good faith" BY MONDAY (less than 72 hrs.) OR SHE WILL NOT CONSIDER THE SHORT SALE OR POSTPONE THE SALE DATE. What I want to know is... Can the lender refuse to consider a short sale (hardship) without a payment being made by the seller? Isn't that what a hardship is about in the first place? Any comments or suggestions are appreciated.
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Permalink Reply by William C. Black on
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Welcome to short sale hell....
First of all it is always a servicer or investors option to accept less then payoff vs. them foreclose- to them its all about what makes them the most money. So in this scenario Chase has found that $80,000 is something they feel they can get above the short sale offer.
There is always so many moving components on these but and we can only guess on some of the reasoning behind this so I am going to "guess" from my experience why this happened.
Here is what is missing:
Is there Mortgage Insurance?
Is Chase the Servicer and investor or just the servicer?
If they are not investor who owns the loan?
What is the hardship?
How much liquid cash does seller have? (Iguess they have a lot- maybe in retirement or equity)
Are the rest of the bills being paid? (They are looking at a credit report so if all else is good then they want more $$$)
What state are you in- can they get money from a deficiency after it sells? Some states allows this and when they see engineers or softwarte engineer they know they will be able to collect money eventually...
And so many more but the sun is shining and I am going to walk my dog-
To re-cap- they have full control to kill a deal at anytime.
Bill Black CMP, CDPE
The Law Office Of Robert C. Russell P.C.
360-896-9562
NW Loan Modification Center www.nwlmc.com
NW Short Sale Network www.nwssn.com
Washington State- Local, Legal and Effective for Default Solutions -
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