Client has a 1st with SPS ($240k original balance) and a 2nd with Chase ($60k original balance). The first approved a short sale for $180k which is the BPO valuation. There were 2 BPOs done and the same valuation was given for both. The Chase second was charged off but investors are wanting the full amount to supply a lien release. The buyers for the property have offered $3000 to Chase and this is a cash transaction. Any hope or anyone with any suggestions?
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Chase Home Mortgage charged off second mortgages are the worst. I hope you go this resolved. SPS servicing division definitely tends to be easier completing an Select Portfolio Short Sale than dealing with a Chase Bank Sale.
I am having same issue with a chase charge off. Freddie Mac won't allow more than 6k. Chase wants 18k. They said I can prepay the difference and there is no guarantee that it will be refunded if the deal doesn't close. That being said, anyone have any other solutions/contacts.
Darren,
Situations like this are very sticky and sensitive. At times going into the grey zone is the only way you can get the transaction done in this particular situation.
Chase recovery does push people up into a corner in these scenarios, i've seen it happen numerous times. Have you sent proof that the 1st lien holder is with FHLMC to a Chase Recovery Manager to see if that would help and advise them of Freddie Mac guidelines?
Brett@ishortsalenow.com
310-564-6389
www.ishortsalenow.com
I'm willing to go to the grey zone. I have sent them proof that it is Fannie Mae. They don't care.
I was curious if anyone got this issue resolved. I left off sending all the info Fannie Guidelines, "expired" approval letter with $6k, etc. and a cover letter that the second was instrumenting a foreclosure. The short sale cannot happen unless the second is gets realistic.
Did anyone make any headway?
same thing.. I have a 2nd with chase (1st was sold to sps) that they have no clue where is that loan at. Amazing!
They said it has been discharged, but then is not there, and back and forth!
For a month.
I dont know what to do.
As Chase Turns continues... Now I am being told that GMLA (recovery) is handling it but the lady at Chase said she had no idea who that was or how I could contact them because they can't even call them. Anyone heard of this???
I am having the similar situation, however with another servicer, (servicing both) 2nd is in recovery department,
First Fannie offered $6k, Second counter wants $20k, pointed out Requested an Override that first was Fannie that the max! Basically,
The second is rated "Balance in full Due", Don't care if forecloses, they will still pursue the debt. (needless to say, seller will not come out of pocket)
Any further suggestions/comments on this situation is appreciated.
Fannie won't allow contributions to show on the Est. HUD to subordinate lien holders. At times, parties will need to step into the grey zone in order to get this done. How much is owed to the 2nd and who is the debt being serviced by? You can't get them to come down at all?
Brett@ishortsalenow.com
310-564-6389
www.ishortsalenow.com
I have the exact same situation.
2 liens with Chase, 1st transferred to SPS and 2nd (I was informed today) has been charged off. they are close now, sO I will call them on Monday.
I will keep you updated.
HAFA requested to SPS as well.
Thank you!
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