I have a SS with Chase and boa owns the second.    The loan is only for 15k and fnma is only allowing them 1,200 they are sticking firm at 5,000 the first is losing over 40k.  If they do not release the lien chase will foreclose at the beginning of next month and BOA will get nothing.

Any suggestion on how to move forward?

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If Chase will not allow more than $1200 then you have several choices:

1. Ask Chase if the purchase price were to be increased by the difference ($3800 although I would increase by more to compenasate for the additional closing costs such as commissions, escrow and title fees, etc.) and if they would allow the 2nd to receive $5000.00

2. See if the Chase will follow the new HAFA rules which would require them to allow $3000 to the 2nd. This may require re-starting the short sale. You would have to see if BofA would accept the $3000 rather than $5000.

3. Ask BofA if they would accept a promissory note for the difference signed at closing with them accepting $1200 at COE.

4. Decrease total commissions to make up the difference with the approval of the 1st lien holder of course.

5. Any combination of the above keeping in mind that the 1st lien holder is in the drivers seat and they make the rules.

6. See if BofA will sell the underlying note for $5000.00 or less and have the purchaser pay for it or get creative with other ideas or combination thereof.

7. Speak with title company and other real estate professionals about alternative ideas to the problem.

8. If all else fails you are at negotiation 'impasse' and the short sale transaction is dead. You do not have third party approval and the buyer is released from their contractual obligation to purchase

9. Suggest bankruptcy as an option for the seller in order to stall the foreclosure. I would suggest that they speak with a bankruptcy attorney and tax person to go over their options.

Perhaps other 'superstars' have some suggestions.

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