YESTERDAY Approval came with this language: They will not alter or remove said language. I see that JP Morgan Chase just started using this new language in their approvals. So this won’t be my last time seeing it. All this is situational and nothing in a short sale is ever a rule of thumb, only trends.
The amount paid to Chase is for the release of Chase’s security interest(s) only, and the Borrower is still responsible for all deficiency balances reaming on the Loan, per the terms of the original loan documents.
1. Is Chase simply stating their right to pursue a deficiency judgment?
2. The foreclosing lender cannot pursue a deficiency judgment if they foreclose but can try to with a short sale?
3. This Home was built from scratch to be occupied by Seller, they never got to occupy it. Is it still considering it a Second Home?
4. If considered a Second Home with a Line-Of Credit , then CHASE could pursue the Seller even IF they let it go into a full foreclosure on Both a 1st and 2nd with CHASE?
5. Only the deficiency amount they could go after her will be considerably more because they won’t NET what they NET with this SS deal?
6. The letter is probably a boilerplate letter. This is California, are we cover because it is an anti-deficiency state?
7. CHASE knows everything: Seller makes a lot of money over $100,000 a year & have a saving account with $67K & they have their primary house (which is underwater by $200K). Bank doing this because my client will have pocket money after this is resolved?
8. I never use the phrase “negotiate” with a bank negotiator or anyone else because I am afraid I may take on full liability by using it. I say I facilitate a deal, nothing more. I facilitated this and/or that for my Seller . . . by forwarding any communication, documentation or approvals to my client to consider. My job description is spelled out very clearly on the CAR Agent Disclosure. I ALSO NEVER ADVISE MY CLIENT of anything outside of my agency job description. Is this prudent?
9. There is still insolvency and a bankruptcy that could come later, if needed?
10. Taxes would be biggest problem regardless of short sale?
Tags:
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.