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Suntrust holding up deal

Posted by Scott Snyder on November 4, 2010 at 3:45pm in Short Sale Discussions

Home owner.  Home in Ocala Fl bought for $1.5 million.  Big deal went south couldnt keep up.  Chase $1mill  Suntrust $400k HELOC.

 

 Have had 10 deals from $1.21mill to now $800K.  I could've paid of Chase completely but they wouldnt return my calls.  Now 2 years later wants to deal.  Sun agreed to $50k down and $100k note now they want $100k with no guarantee they wont  hold deficiency...yesterday rejected total deal because BPO stated house was undervalued.  House is priced about right .  HELP

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  • Scott Snyder November 7, 2010 at 2:00pm
    Yes there is an offer for $800K. Yes I can come up with some cash. I'm not sure but I think Chase has agreed to no deficiency. My problem is with Suntrust. They have gone weird. First agreed to $50K down with note for $100. Now demand $100K and no comittment....then suddenly sent note that the BPO was too low and they wouldnt agree to move forward. There have been no sales in entire county in price range for nearly 2 years so there are no comprables.

    Smitty said:
    Hi Scott, is there a current offer on the property now? They won't work with you unless there is.
    Do you have money to bring to the table if there is another offer? If you do, that might help you negotiate some of the deficiency.
    If the value gets below $729,000 I believe you can apply for a HAFA short sale. If accepted and approved AND you get a buyer within 120 days, Chase won't pursue you for a deficiency...but Suntrust likely still will.
    If you have an offer and they still feel it's undervalued and you dont, I've had homeowners order appraisals and fight the BPO price. Also, usually a BPO is old after 90 days, so you can ask the lenders to order another one.
    Worst case scenario is you can file bankruptcy and then they can't chase you for the deficiency.
  • Smitty November 7, 2010 at 1:41pm
    Hi Scott, is there a current offer on the property now? They won't work with you unless there is.
    Do you have money to bring to the table if there is another offer? If you do, that might help you negotiate some of the deficiency.
    If the value gets below $729,000 I believe you can apply for a HAFA short sale. If accepted and approved AND you get a buyer within 120 days, Chase won't pursue you for a deficiency...but Suntrust likely still will.
    If you have an offer and they still feel it's undervalued and you dont, I've had homeowners order appraisals and fight the BPO price. Also, usually a BPO is old after 90 days, so you can ask the lenders to order another one.
    Worst case scenario is you can file bankruptcy and then they can't chase you for the deficiency.
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