Replies to This Discussion

Permalink Reply by Karyl Moore on June 11, 2010 at 6:59am

Keep saying 'no' and telling Chase they can't afford it. They will either reduce it or totally erase it. Wait a couple of days between no's so it looks like you've been trying.

Permalink Reply by Laura Eklund on June 11, 2010 at 7:02am

Thanks Karyl, I'll give it a try. Have you has success with Chase before?
Karyl Moore said:

Keep saying 'no' and telling Chase they can't afford it. They will either reduce it or totally erase it. Wait a couple of days between no's so it looks like you've been trying.

Permalink Reply by Karyl Moore on June 11, 2010 at 7:08am

Yes. When I told the negotiator they couldn't afford it, she was almost aplogetic and said that she was required to ask. It was around $20K they asked for. Good luck!

Permalink Reply by Ben Benita on June 12, 2010 at 3:23am

uuhhh....try saying "NO WAY JOSE".....no deal, particularly if there is a true financial hardship involved....

Escalate this to the right person, point out the financial hardship, and you should be clear.....

KEEP IN MIND, EVERYONE -- as part of the NEW script negotiators read to you from, they are now almost always ASKING for a prom. note.....again, they are SUPPOSED to ask for a prom. note, YOU DO NOT HAVE TO AGREE......contact me off of here for LOTS of tips and tricks to get around [email protected]

If your seller has no financial hardship, see if they have some cash to throw in, or, if they will agree to a smaller prom. note.

Also, if they have missed payments and credit is already low, nothing wrong with agreeing to a prom. note, then not paying on it. If they do this, after roughly 6 months the bank will e WIDE OPEN to discounting that prom. note down....

Permalink Reply by Ben Benita on June 12, 2010 at 3:26am

Also, make it as EASY as possible for yoru negotiator to go to teh decision maker with your csae:

"Seller has no cash"
or
"Check the Sellers credit report, they are behind on LOTS of other bills, this would only add to the list of bills they are behind on"
or
"show them the financial information document you sent with the packet and how it shows a monthly negative or close thereto"
or
"have the Seller write and sign a 2 or 3 sentence letter explaining why they cna not possible afford another monthly payment, explain how they will now have to be renting a property when the short sale has closed nd that they ned to save cash up for rent and a LAREG security deposit b/c their credit is now ruined..."

Sending in ANY of the above will make it easy for your engotiator to plead your case/file to their boss......

Git R done!!!!!

Permalink Reply by Laura Eklund on June 14, 2010 at 6:31am

Ben~ You must have had many deals with Chase. I plan on trying every single one of your ideas, thanks so much!!!

Ben Benita said:

Also, make it as EASY as possible for yoru negotiator to go to teh decision maker with your csae:

"Seller has no cash"
or
"Check the Sellers credit report, they are behind on LOTS of other bills, this would only add to the list of bills they are behind on"
or
"show them the financial information document you sent with the packet and how it shows a monthly negative or close thereto"
or
"have the Seller write and sign a 2 or 3 sentence letter explaining why they cna not possible afford another monthly payment, explain how they will now have to be renting a property when the short sale has closed nd that they ned to save cash up for rent and a LAREG security deposit b/c their credit is now ruined..."

Sending in ANY of the above will make it easy for your engotiator to plead your case/file to their boss......

Git R done!!!!!

Permalink Reply by Ben Benita on June 14, 2010 at 6:35am

Laura -- just been around the block, doing these for about 5 years now......I got good at this because I HAD to, if these did not get closed, my family did not eat....more stuff in my short sale [email protected]

;-)

Permalink Reply by Gwen Mark on June 18, 2010 at 7:03am

I had a short sale with 1st and 2nd with Chase. They sent the 2nd to charge off which seems to be the new thing now. I got approval on the first for $3000 to the 2nd. 2nd said they wanted $100,000. HA HA . I countered with $6500 from Home owner's and $500 from buyer's to total $10,000. which was 10%. They accepted and released further deficiency. This had been a refi and borrower's had pulled out about $40,000 cash. AZ is a non deficiency state if it is a primary residence. So I guess it depends on what state you are in. Use the "my clients spoke to their attorney" card. It worked for me. We closed.

Permalink Reply by sherry on June 23, 2010 at 8:00am

Just got my approval letter but not happy about the wording: "The amount paid to Chase is for the release of Chase's security interest only, and the Borrower is still responsible for all deficiency balances remaining on the Loan, per the terms of the original loan documents?

I've emailed the neg to see if this can be settled now in return for a promissory note still waiting. Any ideas?

Permalink Reply by sherry on July 1, 2010 at 4:15pm

Just an update on my short sale:

I had an approval from Chase for a short sale but it included language about reserving the right to pursue the deficiency. My seller would not sign with this language.

I emailed the neg to find out what could be done to remove the language. The neg came back a week after and wanted 10% of deficiency which was about $7000 at closing to take the language out. I countered at $4500 which was okay to my seller but then 2 days later seller came back and said he can only do $3500.00

So I went to neg and said seller has no money which shows in bank statements and financial documents and the money would actually be from his girlfriend and the max she can loan him was $3500.00

Neg accepted $3800 and I now have a revised letter which shows no futher action will be taken and the deficiency of $67,000 would be waive and written off as settled in full.

I love this website. Thanks again. Closing on or before 7/28.