I am in my 4th year of doing pretty much nothing but short sales and I have never run into a bank that is so unreasonable as US Bank.We have an original purchase money first wuth Chase and a refi 2nd with US Bank of $46K. The cash from the refi paid for the kitchen remodel that was done. Seller got married and then husband was relocated to another state for work. Both are short selling in CA.
I thought this would be pretty easy with the first being original purchase funds in CA and the second being such a small amount. However, US Bank is refusing to even consider doing a non-deficient short sale and states that we need a HUD with a minimum of $5K to them and the seller agreeing to pay the entire deficiency amount before they will even look at the short sale package we submitted three and a half months ago. Seller is not willing to pay them anything more than we can get them from the net proceeds or contributions of the other parties in the transaction and is now willing to let this go to foreclosure and just let them chase her for the monies if they will not cooperate. I already have Chase and the parties involved prepared to give the second $12K, 25% of balance owed, but we still have the issue with them wanting the seller to agree to pay-off the deficient amount before they will look at it.
Has anyone gotten a non-deficient short sale with US Bank in second position? If so, what is your trick? I tried emailing the CEO, CFO and a few others, but no response. I will try the escalaltion contacts given when I am back in the office tomorrow.
The seller is making less money now that she is in Colorado than she was here and she can no longer afford to make the payments on this property...stopped a couple months ago,so we are not dealing with a seller who can keep paying on his property.
Your help is much appreciated!
-Robin
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