Chase 2nd Lien Denied - Please Advise If Anything Can Be Done

I have a short sale - the first is with CCO Mortgage and the second is with Chase.  The first lienholder has given us approval of the short sale and we only needed the approval of the 2nd.  First lienholder is allocating $3000 towards the second, the sellers are willing to do a cash contribution of $1500 to the second.  Chase has requested a $45,000 cash contribution (and will not waive their right to collect the deficiency).  Sellers do not have anywhere near $45,000.  Chase second totals around $337,500.  Is there anything or anyone we can go to to get this second approved?  The offer is for $300K and we are very lucky to get this as values have dropped.  The buyers did their appraisal and the appraisal came in at the contract price.  My sellers are upset.  Any help or advice would be most helpful.  Thanks.

 

Barbara Reagan

Long & Foster Realtors

Richmond, VA

Views: 255

Replies to This Discussion

Have you tried to negotiate a promissory note for something like $5000?  I've tried that with Chase and Wells Fargo on seconds and been successful.  

Thanks Deb.  I went back to Chase and they told me that with a 2nd lien of $337K, that the $3000 being offered by the first lienholder as well as the $1500 cash contribution from the seller was insufficient AND that they will not do a promissory note that has no collateral behind it!!!  I am wondering if they got someone to do a driveby appraisal and that that person is saying that the house is worth significantly more than the current contract we have.  I have now gone back and offered to have an appraiser do an appraisal on the house so that Chase can see that they will not get anything from a foreclosure sale.  Additionally, my sellers are agreeable to doing a $45000 promissory note as long as it is for a low enough payment that they can swing it!!!  I am absolutely amazed that Chase will not do anything!

Barbara,

 

If you want give me a call.  I have a few Ideas. I am on the run today but would like to try to help :)

 

Matt Merenoff

201 522 5949

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