Short Sale Specialist Network

Realtor Short Sales Training and Resources

Has anyone dealt with GC Services for Chase?

I have an approval from Wells Fargo for a first lien. It is a FNMA insured loan and their guidelines only allow up to 6% contribution to the 2nd lien holder, which is Chase. In this case, 6% is $3540.

The Chase lien is being handled by a collection agency, GC Services. They will not take a dollar less than $12,018, which is over 20% of the balance. The buyer has agreed to contribute $3000 towards the 2nd lien and the seller can contribute about $1500 but obviously, that is not enough.

Has anyone been able to work out a deal with GC Services where they will accept the Fannie Mae standard 6% or is there any higher up that I can speak with to negotiate a lower payoff?

0 members like this

Replies to This Discussion

Permalink Reply by Patricia McRae on October 15, 2011 at 7:16pm

I am dealing with the same thing. BofA first lender and Chase wrote off the 2nd and sent to GC Services a collection agency. He said a new law came out and they were now required to take a minimum of 15% of total amount due or approx. $27,000. My client can no way pay this amount, has no money.

I asked CAR legal and they told me that there is no such law requiring 15% minimum, but, that the new law in California reads that the lenders including the 2nd, etc. can not ask for any money more than what they agree to pay. The seller can not be asked to give any cash.

So, I am in a quandry. Has anyone dealt with this scenario successfully? Apparently, GC Services is doing the short sale negotiations and Chase will no longer speak to anyone about this.

RSS

Welcome to
Short Sale Specialist Network

Sign Up
or Sign In

Or sign in with:

Short Sale Agents

~ JOIN US ~

We Refer Thousands of

Listings to agents like YOU!

_____________________

Customer Service (877)737-4903

Contact our support staff CLICK HERE

___________________

____________________

Realtor Short Sale Training Program

____________________

______________________

Always seek legal advice and representation. The Short Sale Specialist Network and First Coast Realty Associates assume no responsibility for the content of this website.