I settled with a second trust deed holder but Chase (first position) threw it out because the settlement amount was more than a $1,000!!
???
Has anybody else dealt with Chase? The second is going to be PISSED! I am reasonably confident that the second will accept simply because the manager will bank $100,000 towards her incentive goal.
We will see!
You should never make a deal with the second until you have a deal with the first.
I makes you look like a fool and your right the bank will be _issed !
May you email me the contact information for Chase loss mitigation department? Is it the Ohio or California location?
Chase REFUSED to talk until we had settled with the second.
I believe that it is the Ohio location, but my partner handled that end of the deal and I will have to get the number from her.
Here is how I got around that problem:
When you send Chase the HUD1 form with the settlement numbers on it, the payoff for the second should be on line 505 (or so). Put $1000 there to make chase happy.
On line 104 or 105 where there are borrower adjustments, put the remainder of what you owe the second there. You can title it whatever you want, something like “payoff loanco” or whatnot. Just make sure that the title co/closing agent knows what is going on so that they send the money to the right place.
I’m not sure how well received it will be since it is plainly obvious what you did, but you might be able to convince chase of something. If not, keep it in mind for next time. It works for me!
Good luck.
Thanks! If you could get the number to me, I’d appreciate it.
A strategy I recently heard from Donna Bauer is for you to buy the 2nd mortgage note from the lender at a discount. Say you agreed to $4K and Chase is requiring that you pay no more than $1K. You buy the note for $4K, now you as the note holder agree to take $1K at closing.
In other words you short saled yourself once you buy the note.