I am working on a short sale for a customer whose first and second mortgages are with Chase. The home is in Florida.
The first is releasing both the property and the seller, but the approval on the second expressly states that they are not releasing the owner form personal liability.
Do you have any helpful suggestions for me? The approval expires this week!
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I have had a few different scenarios with Chase. I would go back and ask what will it take for them to release the seller from deficiency. I have actually had them say that the investor would not allow it under any condition, they wanted every penny. Others I have offered $1K-2K cash or a note depends on how much the 2nd mortgage deficiency is. If I can't get it released from the deficiency. I try to convince the Seller to close and when it's not attached to anything after closing renegotiate the deficient amount. It has worked many times.
Hope this helps.
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