For a Chase short sale, beware the deficiency language
If you are a homeowner with a Chase loan and are pursuing a short sale, there is a trap Chase might set that you should look out for. One conscientious real estate agent writes about this in her blog:
After waiting 5 months for approval, my sellers finally received approval from Chase on both a first and second hard-money loan. However, those approval letters contained verbiage that allowed Chase to pursue the sellers for a deficiency. That was unacceptable to the sellers. So, I went back to Chase and requested revised approvals without the deficiency language.
Looks like Chase will try to slip this past unsuspecting homeowners, who are just glad to finally get a short-sale approval. But, if you press them, looks like they will remove the deficiency language.
Low and behold, I received the revised approval letters from Chase yesterday with the deficiency language removed! The letters say: “The amount paid to Chase is for the release of Chase’s security interest, and we will waive the remaining deficiency balance of $XXX,XXX.”
And, her perspective on Chase as a party to a short sale in general is notable:
Some agents don’t want to work with Chase because Chase can take too long to process its short sales.
Bad bad Chase, Loan modification | admin June 15, 2010
1 Comment
Other Links to this Post
RSS feed for comments on this post. TrackBack URI
By Levi, February 1, 2011 @ 2:06 pm
But how long does it take to close the account and report it to the credit agencies. Also, when do they send out 1099′s? I closed on my Short Sale on Oct 29th, 2010. They haven’t reported anything except my late payment to the credit agencies. Last time I called I was told they would call me back in 7-10 days to let me know when or if I will get a 1099. They never called.. Surprised?? I am not. I called the negotiator, and she never called me back. When I did speak with her she said it could take a year to close it out. CHASE SUCKS!!!!!!!!!!!!