Blaine Washburn
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Blaine Washburn replied to jessica perey's discussion WF will not take offer below their appraisal.... in the group Wells Fargo Short Sales
"There are still a couple things you can do: 1. Do you have a showing history with enough data to support your offer on the property? If so, that can be very compelling. Do not be afraid to share buyer agent contact information and welcome the bank…"
Feb 22, 2011
Blaine Washburn replied to jessica perey's discussion WF will not take offer below their appraisal.... in the group Wells Fargo Short Sales
"Hello Jessica,   I had a very similar experience with Wells Fargo just a few weeks back. My listing was a fixer upper and Wells Fargo had completed several BPOs on the property and was convinced the value was higher than any offer I had…"
Feb 18, 2011
Wendy Rulnick replied to Blaine Washburn's discussion Chase 2nd Lien Demanding $25,000 in the group Chase
"Blaine - Another suggestion is to see if the seller can borrow money to pay Chase.  They may say 25,000, but I bet that number can be reduced, perhaps halved.  I just worked a Chase junior like this.  My  seller borrowed from his…"
Jan 15, 2011
Thom Colby CA Brkr 888-391-5245 replied to Blaine Washburn's discussion Chase 2nd Lien Demanding $25,000 in the group Chase
"In a situation where the 2nd / HELOC is sold to a 3rd party debt collector, they will aggressively try to recover from the borrower which in many instances will force the seller into BK - just to get away from the collectors.  In CA, once the…"
Jan 14, 2011
Sylvia Barry replied to Blaine Washburn's discussion Chase 2nd Lien Demanding $25,000 in the group Chase
"Also, what's the differences in negotiation / collection treatments before or after it goes into Recovery?   Sylvia "
Jan 14, 2011
Sylvia Barry replied to Blaine Washburn's discussion Chase 2nd Lien Demanding $25,000 in the group Chase
"Thom - I am interested in your statement about the 'Typically it forces the borrower into BK' .   I have heard sellers thought it's better to go into foreclosure on Chase 2nd HELOC lien instead of settlement other than what 1st…"
Jan 14, 2011
Blaine Washburn replied to Blaine Washburn's discussion Chase 2nd Lien Demanding $25,000 in the group Chase
"Tni, thank you. That is a good question. My negotiator has gone home for the day, but I will call tomorrow and see is something like that has happened."
Jan 13, 2011
Debra Enos replied to Blaine Washburn's discussion Chase 2nd Lien Demanding $25,000 in the group Chase
"Are you sure that the banks - both are fully aware of the condition of the house? Mold, asbestos, water damage!  Hopefully all 5 of your offers are cash.  That is the only way to go.  I would escilate this one ASAP. Bypass the…"
Jan 13, 2011
brian Gormley replied to Blaine Washburn's discussion Chase 2nd Lien Demanding $25,000 in the group Chase
"HELOCs think they can get more through judgments.  Of course they get nothing through foreclosure per se.  MI payments should be the same, foreclosure vs short sale, or close.  If they have changed numbers on you, something is likely…"
Jan 13, 2011
Blaine Washburn replied to Blaine Washburn's discussion Chase 2nd Lien Demanding $25,000 in the group Chase
"Thom, that is my understanding as well. That is why this is so confusing to me why they are making this demand. I truly am thrown by this demand."
Jan 13, 2011
Tni LeBlanc (805) 878-9879 replied to Blaine Washburn's discussion Chase 2nd Lien Demanding $25,000 in the group Chase
"At a certain point, if no payments have been made for over a number of days, or if the first lender begins foreclosure proceedings, CHASE moves the file into CHASE Loss Recovery.  That department operates really just as a debt collector and…"
Jan 13, 2011
Blaine Washburn replied to Blaine Washburn's discussion Chase 2nd Lien Demanding $25,000 in the group Chase
"Debra, Thank you. Here is some more information. After Repair value is $170 to $180K, however this property is a mess. It has mold in the basement, asbestos ceiling tiles, built in 1955 and very few if any updates, worn out carpet, water damage from…"
Jan 13, 2011
Thom Colby CA Brkr 888-391-5245 replied to Blaine Washburn's discussion Chase 2nd Lien Demanding $25,000 in the group Chase
"My understanding is when the 1st forecloses, the 2nd is no longer secured by the Real Property and therefore the 2nd will pursue the borrower / get a judgment, etc.  "
Jan 13, 2011
Blaine Washburn replied to Blaine Washburn's discussion Chase 2nd Lien Demanding $25,000 in the group Chase
"Thank you Thom for your response. That is good information. I don't believe they have sold it to a 3rd party collection agency at this time. 3 days ago the approval process felt normal, and they told me they would have a decision by today. They…"
Jan 13, 2011
Debra Enos replied to Blaine Washburn's discussion Chase 2nd Lien Demanding $25,000 in the group Chase
"You didn't provide much information here.  Is purchase price at fair market? Will Chase get anything out of it, or is all of it going to Wells Fargo?  Chase must think that the sales price is well below market ....or....they will…"
Jan 13, 2011
Thom Colby CA Brkr 888-391-5245 replied to Blaine Washburn's discussion Chase 2nd Lien Demanding $25,000 in the group Chase
"Has Chase sold the 2nd to a 3rd party collection agency?  Typically on HELOCs, they will sell them and begin / enforce collection activity directly against the borrower.  Typically it forces the borrower into BK. Remember Wells…"
Jan 13, 2011

Profile Information

First Name
Blaine
Last Name
Washburn
Are you a...
Agent
State
Utah
City
Pleasant Grove
My Profile
I am a Short Sale Professional working along the Wasatch Front area of Utah.

Visit my website at www.StopForeclosureUT.com

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