Getting beat up bad by Chase 2nd lien negotiator in the recovery dept. On a 138k 2nd purchase money in CA, negotiator insists on 32k just to release the lien. He came up with that calculation because 1st lien net 320k and they want 10% just to release the lien. Finally the number came down to 20k, 1st only willing to do 3k.
2nd tells me to ask the 1st to foreclose, 1st tells me they will foreclose and 2nd is not getting a dime, homeowner's attorney tells them to foreclose...and of course I am the only one who cares...
Just looking for encouragement and ideas to see if anyone has been successful with the recovery dept in getting an approval. Went to resolution office already and nothing came out of it...
Thanks!!!
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Elaine, if you have 2nd purchase loan in CA and it is a primary residence, you have a case. Escalate to high management of Recovery Dept. I closed one 2 weeks ago. I also got deficiency judgment clause removed successfully. Chase upper management DOES care. Don't give up. The sellers need you. Good luck.
I agree it is very hard to get a deal done. I had a 2nd lien in Bankruptcy dept. Clients had 86K loan balance. They were asking for 23000 to release the lien. I went back to Wells Fargo and consent their approval. Lady from Fannie Mae contacted Chase and she negotiated that for 8K (which will come from Wells) , they will fully release the lien. I got lucky.
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