Home owner. Home in Ocala Fl bought for $1.5 million. Big deal went south couldnt keep up. Chase $1mill Suntrust $400k HELOC.
Have had 10 deals from $1.21mill to now $800K. I could've paid of Chase completely but they wouldnt return my calls. Now 2 years later wants to deal. Sun agreed to $50k down and $100k note now they want $100k with no guarantee they wont hold deficiency...yesterday rejected total deal because BPO stated house was undervalued. House is priced about right . HELP
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Hi Scott, is there a current offer on the property now? They won't work with you unless there is.
Do you have money to bring to the table if there is another offer? If you do, that might help you negotiate some of the deficiency.
If the value gets below $729,000 I believe you can apply for a HAFA short sale. If accepted and approved AND you get a buyer within 120 days, Chase won't pursue you for a deficiency...but Suntrust likely still will.
If you have an offer and they still feel it's undervalued and you dont, I've had homeowners order appraisals and fight the BPO price. Also, usually a BPO is old after 90 days, so you can ask the lenders to order another one.
Worst case scenario is you can file bankruptcy and then they can't chase you for the deficiency.
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