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Short Sale Approved with 3 Lenders...but I'm Not Satisfied

Posted by LaShone Butler, GRI on September 8, 2010 at 10:10am
Okay, I am feeling out of sorts. CHECK THIS OUT... Here's where I feel the bank has the upper hand because there is some equity in the property after the first is paid off and for this reason they are using it to their advantage. Chase being the 2nd and a hard money lender being the 3rd. Chase feels in position to reduce the commission since the loan is not a Fannie Mae or Freddie Mac; just on the basis of the investor said so. On top of that, they are willing to release the lien, but the Seller will keep the financial obligation to pay the remainder of the balance to Chase off. That's not the icing yet...Chase is requiring the 3rd to release the lien and any financial obligation while paying the 3rd $6,000 of a $109K loan. So, the question is, "Where is the deficiency Chase?" So, while I've gotten another deal done & should definitely be rejoicing, I feel like we have all been screwed. I'm sure there is more good in this than what I can see right now, but my vision is blurred as a result of my Seller having any further financial obligation (even though he's cool with it) and commissions being reduced. SHARE YOUR FEEDBACK.
Tags: 3, Lenders, Sale, Short, Story, Success, with
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Comments

  • Wendy Rulnick September 8, 2010 at 11:12am
    LaShone - Curious to know- did Chase send its 2nd to charge-off or collections? They are known to be brutal there.
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