Bill Urbany's Discussions
2nds and Bankruptcy
Started this discussion. Last reply by Ron Scribner Sep 18, 2012. 3 Replies 0 Likes
I have an owner who has a 1st with Chase and a 2nd with First Bank. The 2nd had a law firm file suit to get a judgment on the owner of approx $60,000. The owner filed a Chapter 7 bankruptcy and…Continue
Email Address for Firs Bank
Started this discussion. Last reply by Smitty Nov 7, 2011. 1 Reply 0 Likes
Does anyone have a good email address for people at First Bank?I have a short sale with Chase on the first loan and First Bank on the second. The second has had no payments for about 8 months so an…Continue
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Bill Urbany's Blog
HAFA Short Sale First Bank Second
Posted on October 27, 2011 at 8:40am 1 Comment 0 Likes
I have a short sale in which Chase has a $585,000 1st TD and First Bank has a $60,000 2nd TD. Chase has approved it on the HAFA program. Chase will only pay $3,600 or 6%, whichever is less to the 2nd TD. They said that the rule changed with HAFA of 10% or $6,000 to 2nd TD's. First Bank will not take less than 70%. Is it true that if First Bank has participated in the HAFA program with other loans then they have to participate in all their loans if they are HAFA eligible? Any ideas?
Short Sale with Morgan Stanley-Value Problem
Posted on October 25, 2011 at 6:04am 0 Comments 0 Likes
I have a short sale in California with Morgan Stanley holding the frist loan, there are no other loans. I am one of 3 other condos in the complex for sale at this time. After 2 months of marketing we finally got an offer and settled at a price. An interior BPO was done and the agent doing the BPO hinted that the value came in at the sales price. Morgan Stanely refused to accept the negotiated sale price which was about $35,000 below the list price. Consequently the buyer walked from the…
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