Replies to This Discussion

Permalink Reply by Joe Beauchamp on June 8, 2011 at 10:14pm

I can't help much - I only touch Chase from time to time and freddie occasionally.  Of course, your verbal "not pursuing" is as good "as the paper it is written on."  Few investors are going after anyone right now.  In 10 years?  Maybe all of a sudden it becomes profitable.

 

2nd, I always have to fight to get release of debt - why shouldn't I?  Banks are not nice people, they are attracted to sucking money out of people and are exempt from things like usury laws that you and I are not - 'cause they know how to throw money at our sworn to protect us politicians.

 

In your position, assuming that you have no commitment in email, etc. to release the debt, I would make the bank's statement/position known to the seller and 2nd I would explore with the negotiator the amount of contribution in cash, possibly note, it would take to get the release of debt.  Assuming I got what sounds like a reasonable solid response (the negotiator can only guess), I would take that info to the seller for his reaction.  Also, assuming some chunk of change is requested by the negotiator, I would discuss with the seller coming back with something less to see if it would fly.

 

You have to sweeten the pot to make them see that it is of some value to kill their ability to collect later - that means $$.  If you offer nothing, why the heck should they cut potential future revenue including selling your bad debt to some blood thirsty collection agency?

 

But, as far as specifically Chase - I can't help and the only thing I know in my brushing up against freddie is that they certainly are better than ginny and more of a pain than fannie..

Permalink Reply by Irene Medina on July 10, 2011 at 8:48am

Hi Guys,

I just wanted to update you on this question of mine. I did get an updated approval letter from Chase waiving all deficiency rights. Interesting, the file was transferred to another negotiator who was under a different Supervisor. I spoke to the supervisor a few times and sent her the letter the seller wrote requesting  a new letter free of dificiencies  and within a few days I had the letter in my fax machine.

Thanks again to all that answered my question and gave me some very valuable input!!