Short Sale Specialist Network
Realtor Short Sales Training and Resources
Waiver of Deficiency
We just received a counter offer from Chase asking us to remove the line item in our state promulgated short sale addendum referring to the lender accepting the net proceeds as satisfaction in full.
They have asked the seller to send in a separate request for waiver of deficiency.
Does anyone have a letter that they have used and would like to share?
Or should we just counter again and tell them that the seller will only cooperate in the short sale if the net proceeds are accepted as satisfaction of the mortgage debt?
Tags: chase, deficiency, waiver
Replies to This Discussion
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Permalink Reply by Brian Pitcher on -
Hey Jeff,
I am in Utah and it is also a deficiency state. You will need to go back to the lender and tell them that the seller will not close the deal unless he gets full deficiency waiver. You may have to find out what it would take to get it and the seller may need bring a few bucks to the table to get it but it is completely worth it. Chase will give you the deficiency waiver if you are persistent. Good luck
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Permalink Reply by Jeff Clawson on -
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