Bank of America is the primary lien holder (pay-off is $374,000 + taxes/liens/etc over 19 months).
Chase is the junior lien holder (pay-off is $136,000).
Seller filed bankruptcy so there is no recovery.
I have an offer for $370,000, which gives BoA $342,920 at the end of closing.
BoA will offer NO MORE than $5,000 to Chase.
Chase says, "Don't come back with less than $34,000." (Notice the similarity in the numbers there?)
Has anyone had luck in getting Chase to accept the $3,000 - $5,000 on the second? BoA tells me it is "standard practice" and Chase should not be upset about it. BoA also tells me they only get $3,000 on the second when Chase (or anyone else) is the first. This information is via the President's office at BoA today. Escalation called me.... yes, THEY called ME! I almost fell over.
Is this true?
If not, what can I do about?
Any suggestions in how to approach Chase that could lead to success?
Also, because I was threatened by the supervisor of the negotiator at Chase for going to escalation after not receiving a call back from them for 3 weeks, I am skeptical of going through the same, said negotiator.
Gives me a headache just typing this. OY!
Thank you in advance for any and all help!
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