Does CHASE have any min for acceptable SS payoff when in a junior position?

Hi, does anyone know if there is any minimum CHASE would accept on a short sale when in the second position? First is with FNMA and they are not allowing more than $6,000. Thank you

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there is no such thing as a minimum amount.  CHASE has stated that they do not have to accept Fannie's guideline of $6,000.00  and no one else can contribute any money to the 2nd.  It is a case by case issue. Understand that CHASE, and like so many other junior lien holders, they have other options even if the Sr lien holder forecloses. And please believe me, Fannie Mae could care less if the property gets foreclosed on.  Instead of jumping on the banks about this, our fight needs to start with NAR. This policy of Fannie Mae not to allow any other contributions is outdated and needs to be revised as well as an increase of the proceeds to junior liens. I have spoken to a rep at NAR and he stated they need "voices" from agents to fight this.  Go online on NAR website and make your case known. We can make all of these complaints on theses blogs but all we are doing is preaching to choir.

Tony Morales

TM Short Sales Consulting

that is not correct Brian   Chase Recovery manager that I deal with has said they do not have to accept $6,000.00 simply because Fannie Mae dictates that.  The seller needs to have an extreme hardship to illustrate to CHASE why its in their best interest to accept $6,000.00.  We need to convince NAR to reach out to Fannie Mae to amend the policy to allow traditional contributions to the 2nd lien holders

Thank you Tony and Brian. I agree,  policies need to be updated, at the same time it is a separate issue - it is not going to help a specific situation with a short sale approved only for the next 30-45 days. From what I understand, Recovery which I am dealing with is not a regular short sale department and they treat my file in a very unusual way. There is absolutely no paper trail of their counter offers, they are basically forcing a Borrower to contribute behind the senior lien holder's back, which is illegal as the sr. lien holder does not allow any contributions towards the second and expressed it in writing several times. When I confronted them questioning legality of their demand for more money I was told it was not a demand, but rather an opportunity for us to come up with a solution. The whole situation is rather shady. If nayone has any practical advice I would greatly appreciate it.  

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