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CHASE Refusing to take ANY AMOUNT for Short Sale HELP!!!

Posted by Sherri Elliott on May 1, 2010 at 7:05am in Short Sale Discussions
I have a short sale and it is approved with Wells Fargo (1st) the 2nd is only owed 7K and they will not take any less than full payment! It will be going to foreclosure.. I have a buyer who will pay the 2nd off in full so we could do the short sale on the 1st. Has anyone done this? I know if the Seller pays it off it is OK..but the Buyer paying it off? It would have to be on HUD and I am sure the 1st will not approve that. How can I make this work??

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Tags: Chase, Sale, Short
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Replies

  • Laura Marshall May 5, 2010 at 4:26pm
    I just closed one with Wells Fargo as the 1st, and the buyer contributed $9500 to the 2nd(Chase Recovery). They had no problem with it, and it was disclosed on the HUD. They (WF) contributed $3000 to the 2nd.
  • Bryant Tutas May 1, 2010 at 8:09am
    Sherri. I would submit it to WF and see what they say. Place 3k on the seller side and 4k on the buyer side. I would prepare a HUD based on this and send it over. You may be surprised.
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