Chase is charging a deficiency judgement and I was wondering how you waive it?
There letter says,
“Chase Bank agrees to release security interest in the above collateral upon reciept of $3000.00 in certified US funds.”
That means that my homeowner needs to pay $3000 in order to get the SS approval right?
HOW DO YOU GET THEM TO WAIVE THIS?
How to get them to waive this really depends on your case. You have to negotiate with their lender accordingly to get them to release what they owe. What I do think is important is that you understand the bank may have them sign a deficiency but a judgment has to be handed out by the court. Unless a judge has approved a judgment against the homeowner, there can be not “deficency judgement” against them. What they can do is enter in to a contract (another one I might say :smile as they are already in a promissory note they are trying to get rid off.) That essentially is the contract of paying the deficiency. Now coming back to your point, they may not be able to waive it. This is also a possibility. The reason is that this is not the lender’s money to approve taking such a loss. If there are MIs or PMIs then you are only looking at having a tougher time. We seen it done on many plans, though, so it is an option. Sell it to them.
Appears to be a PMI settlement to me. Usually it’s presented in the form of a promissory note but looks like in this case they are willing to settle for less. I just have these paid. For me it’s added to the buyer. You’re lucky with only having 3k The lender will probably want the funds separate from the sale price. A deficiency judgment could be issued later on however not if it is an owner occupied home.