Tuesday, April 1, 2008

Chase: Second Lien Holder

Today I received a call from a negotiator from Chase, the second mortgage holder on one of my listings with a short sale offer. The gentleman was refreshingly nice, I must say. Chase is owed $101,000 on the note. The first, AMTrust is owed about $200,000. The offer is for $175,000. This is a very fair market offer. The Chase negotiator said with such a loss he must get an approval from G-d. He was pretty funny. He asked me to email him a price history of the listing, a preliminary HUD and a market write-up. He wanted me to have my sellers call him so he could inquire about them paying a promissory note or doing a cash contribution. He knew that was not likely, but had to follow his checklist. He said if he called them, they might not answer if they have caller id! How true. He said that Chase would combine a BPO price with a computerized value compared to the original appraisal. The value becomes the "Reconciled Market Value" or RMV. He also interestingly noted that there was always an investigation as to whether appraisal fraud may have occurred with the original loan, and that more and more cases were turning up. Compared to the recent experience I had with the ASC negotiator, Mr. "Chase" was courteous and refreshing!

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in SHORT SALES and FORECLOSURES on the Emerald Coast of Florida: Destin, Fort Walton Beach, Mary Esther, Shalimar, Santa Rosa Beach, Niceville, Navarre, Crestview, Sandestin, Seaside, Inlet Beach, Blue Mountain Beach, Freeport, Rosemary Beach, Seacrest, Dune Allen, Miramar Beach, Florida.


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