Chase + deficiency= No SS

Currently I’m working on a SS with distressed sellers, Chase will only accept my offer if the homeowner signs a promissory note. I have decided to have them close the file then I will reopen it later when Chase may be more willing to negotiate. Homeowners can’t afford to sign a prom . How will you handle this situation? :banghead

Please clarify what is involved in the prom note? Is it only for the amount of the loss that Chase would have to absorb in the short sale? Is Chase the only lender in the deal? Is the prom note unsecured to the property or is it on the homeowners other assets?

Chase = The Devil :evil

Is that just the first draft of the short sale approval/terms? If so, counter offer out the promissory note…a lot of times the lenders will try this trick on the first approval but if countered will remove the clause.


Good luck! :beer

I would negotiate the note as well. Find out if they will take 5k at closing and forget the promisory note. I went from a 47k promisory note to 10k offering the 10k in full at closing. It worked with the bottom line and they accepted. I wouldn’t close the file out. Though Chase is the devil - I agree :banghead - Do claify all the details?

Chase is #14 on the countdown of lenders to implode - maybe once they get closer to #1 they will start working with us on short sales.