End of the Line?
Bank of America is the primary lien holder (pay-off is $374,000 + taxes/liens/etc over 19 months).
Chase is the junior lien holder (pay-off is $136,000).
Seller filed bankruptcy so there is no recovery.
I have an offer for $370,000, which gives BoA $342,920 at the end of closing.
BoA will offer NO MORE than $5,000 to Chase.
Chase says, "Don't come back with less than $34,000." (Notice the similarity in the numbers there?)
Has anyone had luck in getting Chase to accept the $3,000 - $5,000 on the second? BoA tells me it is "standard practice" and Chase should not be upset about it. BoA also tells me they only get $3,000 on the second when Chase (or anyone else) is the first. This information is via the President's office at BoA today. Escalation called me.... yes, THEY called ME! I almost fell over.
Is this true?
If not, what can I do about?
Any suggestions in how to approach Chase that could lead to success?
Also, because I was threatened by the supervisor of the negotiator at Chase for going to escalation after not receiving a call back from them for 3 weeks, I am skeptical of going through the same, said negotiator.
Gives me a headache just typing this. OY!
Thank you in advance for any and all help!
Chase is the junior lien holder (pay-off is $136,000).
Seller filed bankruptcy so there is no recovery.
I have an offer for $370,000, which gives BoA $342,920 at the end of closing.
BoA will offer NO MORE than $5,000 to Chase.
Chase says, "Don't come back with less than $34,000." (Notice the similarity in the numbers there?)
Has anyone had luck in getting Chase to accept the $3,000 - $5,000 on the second? BoA tells me it is "standard practice" and Chase should not be upset about it. BoA also tells me they only get $3,000 on the second when Chase (or anyone else) is the first. This information is via the President's office at BoA today. Escalation called me.... yes, THEY called ME! I almost fell over.
Is this true?
If not, what can I do about?
Any suggestions in how to approach Chase that could lead to success?
Also, because I was threatened by the supervisor of the negotiator at Chase for going to escalation after not receiving a call back from them for 3 weeks, I am skeptical of going through the same, said negotiator.
Gives me a headache just typing this. OY!
Thank you in advance for any and all help!
Comment
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Comment by Elise Fay on July 22, 2010 at 6:31pm
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Perhaps Chase's investor has put some back end insurance on their note. When that happens, and if Chase can't get that money from the seller or the buyer, then most likely they will get it from the insurance when the property goes into foreclosure. So if it seems like they don't care, that may be why. The back end insurance put on by the investor when the loan looks like it may default, is tough to fight. My partner had the same issue and the 2nd wanted a Prom note for over $30K, they would not budge and it went into foreclosure. It is also difficult to find out if there is back end insurance on a loan. Good Luck
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Comment by John Treadwell on July 16, 2010 at 3:49am
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This thing with the 2nd lenders is happening all over the place now? I have one where Green Tree wants 5% of the new sales price (8000) the 1st PNC will only give 3000 and has said if the 2nd gets anything more they want it.
As for your 2nd with Chase maybe offer them a unsercured note from the seller for a amount,that is want i have had on 3 of them now. I mean it's better to walk away at 34,000. than 400,000 . They have more Neg. power after it closes to get the note lowered.
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