"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…"
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…"
"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…"
"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…"
"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…"
"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…"
"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…"
"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…"
"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…"
"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…"
"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…"
"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.
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