Short Sale Specialist Network

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Chase Approval Letters...missing waiver language on deficiency pursuits

..I spoke with my Chase Negotiator today regarding missing waiver language on deficiency pursuits on his recent Approval Letter. The negotiator informed that Chase has 2 Approval Letters: 1- with a specific a Deficiency $ Amount in bold type indicating they were pursuing this amount, 2-Approval without any waiver language.

Has anyone experienced this with Chase before? We normally would be reluctant to accept this type of open-ended Approval but he confirmed this is Chase protocol..and that they wont pursue a deficiency.

Your feedback is most appreciated!

Seth

Tags: Approval, Deficiency, Letter, Waiver, missing, of, on

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Replies to This Discussion

Permalink Reply by Scott Marvin on January 27, 2012 at 2:27pm

We always refer our clients to get legal advice if they question the short sale approval letter and we always explain to them that if it doesn't say "DEFICIENCY WAIVED" then they could be on the hook for the balance and they should get legal advice.

My point is if I go back to the bank and ask them to waive the deficiency or I ask the bank to take a lower cash contribution from the seller then I can be accused of practicing law. I think this is ridiculous and the law should be modified to help move these distressed homes.

Permalink Reply by Angela Alfe on January 27, 2012 at 2:29pm

I see...yes, it is ridiculous.

Permalink Reply by Obed Montez on February 8, 2012 at 3:44pm

I have tried to to keep an eye of articles where realtor are being sue for doing short sales and have not seen much, Do you have some articles or writings you could post the links to of realtor getting sued for doing short sales or any other real estate wrong doings. Thanks.

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