Forum

CHASE & Deficiency Judgements in Georgia.

Posted by Elizabeth Monje on February 22, 2010 at 12:49pm in Short Sale Discussions

I am doing a short sale with Chase, not the first one I have done with them. The Negotiator tells me GA. is a deficiency state and they would pursue my buyer for the balance with is 80,000 on a property that is worh only 50,000 There is only one Mortgage.

She wants the Seller to agree to the deficinecy or to offer Chase a settlement! what is this? has anyone have one like this? Please help the Seller does not have any money, he is unemployed and cannot offer a dime for the balance. I told him to write a letter stating the Buyer's purchase price is the settlement, or foreclose the property,not sure it that was the way to go. I mean after all I have worked my butt off to not get paid! any advice on this

PS: He filed BK last year which was discharged, thus the short sale

You need to be a member of Short Sale Superstars to add comments!

Join Short Sale Superstars

Email me when people reply –
Follow

Replies

  • Elizabeth Monje May 25, 2010 at 11:49am
    Can you not go thru HAFA? I hear that also from a negotiator in Chase so I cancelled the deal and started out again Georgia is NOT a deficiency state. Why are they doing this? Why is it that if some forecloses they wont come after you but if you do a short sale they can? This does not make sense at all, my understanding of the whole thing is the contrary can any one clarify this here in Georgia? ( Oh by the way, I started the process again, the new negotiator has not mention a deficiency at all, if there is then the house will foreclose) my seller is the same situation as yours has a mortgage of about 160K with fees and the house is only worth about 50K. If nothing works I will send them thru HAFA, what a pain in the butt if you ask me.
This reply was deleted.
********************************** like buttons ************************