I have a seller has a first with Colonial Savings, a second with Chase. I called Colonial Savings so I could fax over authorization, they told me up front that they will not give the 2nd lien holder more then $1k on a short sale, no exceptions. Anyone else have experience with Colonial Savings? Seems they would rather just foreclose. I am fairly certain that Chase will not take just $1k on this second...
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I have never seen them give more than that and Chase will most likely need more. This is one of those where I would make sure you have a good seller/buyer on board as it may take one or both of them to come in with some cash to make it fly. You can issue this in a counter offer to the buyer when you get your figure from Chase, I would just suggest you wait to counter until you are sure there will not be any further price changes or changes to your HUD1 so your buyer doesn't end up feeling jerked around. It's not that they want it to go to foreclosure, they just live in a world of protocol...if it doesn't fit in the box, it doesn't exist. Time to think outside the box...Good luck!
What ever happened with this short sale? I have the exact same situation with Colonial 1st and Chase as the 2nd. Any input would be appreciated. Thanks!