We started this short sale thinking that both the first and second loan would be short.  With our rising prices, only the second Chase loan is short.  The second has approved the short sale and sent the approval letter.  The buyer is also using Chase Mortgage - which you think would be an advantage but his lender is requesting a letter from the Chase first loan saying that they approve of the short sale????   Our short sale contact from Chase said that he would call the Chase Mortgage lender and explain the situation as they do not/would not provide written approval since it isn't a short sale for the first.  The Chase Mortgage Lender is saying this is not enough - he needs something in writing.  This all seems like a comedy routine - whos on first and whats on second but if this doesn't close on time we are facing immediate foreclosure.  Any recommendations.  The Chase Mortgage Lender is digging in his heels saying that he needs written confirmation regarding the first loan approving the short sale.

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I would have escrow request a payoff from the 1st and then you can send it to the buyer's lender with a HUD showing that the proceeds are enough to cover the 1st payoff.

@Ann, the new lender is an idiot - that said - I would do this...  1) Request a Payoff Demand form the 1st.  2) Ask the Escrow (settlement Company) to put together the full HUD showing all liens and all payoffs 3) write a letter explaining exactly what is owed and exactly who is getting paid what.  If he/she doesn't get it after that - tell the buyer to find a new lender.

Incompetence on a short sale......WOW....that is SO RARE!!!!

:-)

You jus need to get to the right person at the bank.  get a payoff letter letter good through _______, send it to the second lien, and you will be good to go.

You can reach me directly at [email protected] if you need help.

Best of luck to ANYONE AND EVERYONE battling the banks!!!

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