So here's the scenario, I'll try to keep it succinct;

  1. Servicer = Chase,    Investor = Deutsche Bank    1st UPB = $900K+
  2. 2nd = Hard Money lender = UPB $90K and negotiated acceptance of $3K to release
  3. 3rd = Judgment of $40K - negotiated for it to be removed at short sale recording no cost
  4. 4th = Lien $30K - negotiated for it to be removed at short sale recording no cost
  5. IRS - Judgment $35K - IRS is waiting for final approval / HUD and they will release ASAP
  6. Seller filed BK in 2008 and included property
  7. Property Listed in January 2011 at true Market Value
  8. First Offer received in late 2011 @ $400K
  9. Chase countered at $725K
  10. BUYER WALKED - (unrealistic price)
  11. SELLER VACATED Property in early 2012 - (Stripped the house of appliances and sprinkler controls + shuts off utilities) 15,000 sq. ft. Lawn Dies.
  12. After notice from City in June 2012 - Chase engaged LPS Property Preservation  - LPS never actually ENTERED the property but turned on water, electricity, and gas.  LPS Drained the pool / spa and built a huge wooden structure over both for safety.
  13. Property Flooded - cannot get Chase or Deutsche Bank to do anything about it / cannot get water shut off.  (Water isn't doing any good anyway since there's no sprinkler controls and the lawn is still dead)
  14. New Buyer / New Offer - March 2012 $475K
  15. Chase countered at $620K
  16. Many negotiations back and forth - Buyer had to supply Appraisal @ $535K
  17. CHASE / DEUTSCHE APPROVE Buyer's price.
  18. Chase terminates LPS but all utilities except water are shut off during buyer inspections
  19. Buyer Completes inspections, Structural, Roof, Mold, Termite, etc.
  20. Serious Black Mold, Termites, and Structural issues - repair cost over $150K
  21. Buyer revises offer down to $380K
  22. Revised Offer submitted to Chase
  23. Chase verbally declines and revokes current approval but will not return calls or put into writing
  24. The City Code Compliance filed a Lien of $6.5K against property for not maintaining property and another $25K will be levied every 30 days.  Chase says it's not their issue.
  25. NO active Foreclosure at this time.
  26. Chase will not provide Decline in writing.

Thoughts ??

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