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Need feedback, help and advise.
I've listed a home (Nov. 2011) in Scottsdale AZ, for a seller who was discharged of his Mtg Debts thru Chapter 7 BK in 2 months prior-Sept.2011.
The seller did not want a secondary negative credit reporting of a 'foreclosure' on his credit after his BK, so that is the reason he would like to short sell.
The first Lien holder ( B of A) approved the short sale and offered the junior Lien holder (chase) $6,000 to release the lien.
Chase sold or transferred their Mtg debt to a Debt collector named Five Lakes Agency (out of MI), who I believe works under the company known as Randall, Miller & Associates P.C.
This Debt collector has demanded all the short sale info and contract, including the buyers (who I do not represent) Pre Qual letter. (Fincancials!) in which I provided everything to them to move for their approval.
This Debt collector stated, "The house has NOT been on the Market long enough, and to dump this accepted buyer and find another one who will pay them $20,000, otherwise, the sale will NOT happen". They said they "will NOT forward the contract and B of A offer that pays Chase $6,000 and a minimum of $20,000 is all they can forward to Chase."
Now, let me get this straight..
A 3rd party (not associated with the debt in Michigan, is a negotiator for a short sale which is practicing Real estate- UNLICENSED in AZ- as well as attempting to collect an 'uncollectable' debt from a party (Buyer) not associated with the actual debt- in order to strong arm a hold on the junior Lien release.
What happened to MARS compliancy? How do I get past this Debt collector to let Chase KNow they have $6,000 free money to simply release the Lien in which they have to do anyway if the home forecloses...
Anyone- anyone- ?