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Question about WAMU approvals

Posted by Laurel Starks on October 3, 2009 at 6:05pm in Short Sale Discussions
Are they releasing anyone from the deficiency? I have a new listing, and he is telling me that he will not accept the short sale if the banks' terms are that they reserve the right to pursue a deficiency. My sellers' loans are both purchase-money and if they foreclose, the banks won't have recourse, so it is understandable why my clients feel this way. But before we all go down a long and bumpy road, I just thought I would do some homework first. Both of their loans are w/ WAMU/Chase. Btw, I do have a $995 marketing reimbursement fee in my contract, which my seller agrees to pay if the bank does not cooperate with his wishes.

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Replies

  • Jared Hokanson October 5, 2009 at 3:04pm
    We are working one right now where it was with Wamu, now Chase and the 2nd is saying verbally they will release for 60% of balance owed to the 2nd. We are getting money from buyer, seller, and 1st to make it happen. Hope that helps.
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