Has anyone dealt with GC Services for Chase?

I have an approval from Wells Fargo for a first lien.  It is a FNMA insured loan and their guidelines only allow up to 6% contribution to the 2nd lien holder, which is Chase.  In this case, 6% is $3540.

 

The Chase lien is being handled by a collection agency, GC Services.  They will not take a dollar less than $12,018, which is over 20% of the balance.  The buyer has agreed to contribute $3000 towards the 2nd lien and the seller can contribute about $1500 but obviously, that is not enough.

 

Has anyone been able to work out a deal with GC Services where they will accept the Fannie Mae standard 6% or is there any higher up that I can speak with to negotiate a lower payoff?

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Replies to This Discussion

Permalink Reply by Wendy Smith on August 15, 2011 at 5:04am
remind GC Services you are just looking for a lien release, not a satisfaction.
Permalink Reply by Thom Colby CA Brkr 888-391-5245 on August 15, 2011 at 5:05am

Ana -

 

I had a transaction last year with BAC 1st and Chase / GC "HELOC".  GC would not accept anything less than 20%.  We tried for several months and they never budged.  In the end, they got paid their 20% of UPB ($11,500 from the two Brokers) so the transaction could close.  GC got more $ than the Brokers!  I was the Buyer's Broker.  Believe me, I'll think more than once before doing another transaction with GC as one of the lien holders.  As a Listing Agent, I will not take a listing with GC as a lienholder.

 

Best of luck,

 

Thom Colby

Broker

Newport Beach CA

 

 

Permalink Reply by Doug McVinua on August 15, 2011 at 7:29am

Had a GC Services file, Chase HELOC that was transferred to GC for collection.  GC started at 50% and would not go below 20%, client filed BK and wiped them out.

 

Don't understand Chase collections holding out?  They must get a few to cave?

 

Arizona Homes for Sale by a Guy from Iowa

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on August 15, 2011 at 7:33am

Hi Wendy -

 

Believe me, GC will NOT Release without 20% of the UPB.  That's different now in CA due to SB458, but in other states, I'm sure it still holds true.

 

Good luck !

Wendy Smith said:

remind GC Services you are just looking for a lien release, not a satisfaction.

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