"Thanks for the info..I just went through a situation with a home owner who received an email with Ocwen contact info with no explanation attached. It was already tough on them and now they need to start over. Just this week I called Litton and just…"
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Enez Karabegovic's Discussions
Deficiency forgiveness on 2nd Mtg.. How much to top up or participation to obtain one for the Home owner
Started this discussion. Last reply by Mike Linkenauger Mar 13, 2011. 11 Replies 0 Likes
In the middle of a SS. Just received an approval on the 2nd from Chase. Did not receive a forgiveness on the deficiency. Any suggestions on how much to top off a second to obtain forgiveness ? It is…Continue
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Enez Karabegovic replied to Enez Karabegovic's discussion Chase Short Sale Stuck with First in the group Chase Short Sales"Thank you for your reply. I just received a fax, they lost the file internally in from the investor. They are trying to get it settled in the next week. Thanks"
Jason M Halliday replied to Enez Karabegovic's discussion Chase Short Sale Stuck with First in the group Chase Short Sales"Do you know if the investor on the first is Freddie or Fannie?"
Enez Karabegovic added a discussion to the group Chase Short Sales
Chase Short Sale Stuck with First
Any suggestions on moving a file along. On this Short Sale, I have the second approval. Waiting for the first. Both with Chase . This Short Sale offer submitted end of Jan-2011. I have the name and phone number of the first negotiator. All I get is the voice mail. I have left a message every day, but no return call. I have the main Chase office TC asking if we are still closing on our offer day. I told them we would love to close, but I am waiting for the first to get back to us. Any…See More
Mike Linkenauger replied to Enez Karabegovic's discussion Deficiency forgiveness on 2nd Mtg.. How much to top up or participation to obtain one for the Home owner"Joseph is right on. Many will settle with a cash contribution. 10% additional above Leon release amount is the norm with many. Everything is negotiable."
Enez Karabegovic replied to Enez Karabegovic's discussion Deficiency forgiveness on 2nd Mtg.. How much to top up or participation to obtain one for the Home owner"I am still waiting to here from the 1st as to the offer made. That may have to be topped up. As to the 2nd...I am not sure. What has been your experience. You had mentioned an additional 1% . Would that work or should it be 1k ? The home owner…"
Joseph C. Alfe replied to Enez Karabegovic's discussion Deficiency forgiveness on 2nd Mtg.. How much to top up or participation to obtain one for the Home owner"How high are you willing to go?"
Enez Karabegovic replied to Enez Karabegovic's discussion Deficiency forgiveness on 2nd Mtg.. How much to top up or participation to obtain one for the Home owner"Greetings again, In my case the 2nd is at the around the 50k mark. We offerd 10% on the deal. haven't gone back with the additional yet. Any comments ?"
Joseph C. Alfe replied to Enez Karabegovic's discussion Deficiency forgiveness on 2nd Mtg.. How much to top up or participation to obtain one for the Home owner"Illinois is a recourse state, so the banks can and will sue for deficiency. You just have to negotiate a little harder, and properly set up the strategy from the beginning, but I promise you you can buy out deficiencies for under 10% of the…"
Jaryd Ruffner replied to Enez Karabegovic's discussion Deficiency forgiveness on 2nd Mtg.. How much to top up or participation to obtain one for the Home owner"Joseph, I will start off by disagreeing with your statement that I am way off. I have no doubt that you are getting releases for 2K on 50K notes. However, I find it difficult to believe that the holders of these notes are willing to waive their…"
Joseph C. Alfe replied to Enez Karabegovic's discussion Deficiency forgiveness on 2nd Mtg.. How much to top up or participation to obtain one for the Home owner"you are way off Jaryd. Cash is king. When a second demands a note, they will sell that note for 5 cents on the dollar to a collection agency. If the deficiency is 70K on a 75K balance, an the second demands a promissory note for…"
Jaryd Ruffner replied to Enez Karabegovic's discussion Deficiency forgiveness on 2nd Mtg.. How much to top up or participation to obtain one for the Home owner"In my state, you will rarely get full settlement language from the 2nd unless they are getting sufficient proceeds from the sale. Why would they waive they rights to pursue judgement against that balance in the future unless they were getting a…"
Jaryd Ruffner replied to Enez Karabegovic's discussion Deficiency forgiveness on 2nd Mtg.. How much to top up or participation to obtain one for the Home owner"The 2nd mortgage usually has very little reason to forgive the deficiency balance unless they will be receiving a substantial amount of proceeds from the sale. They will usually release lien for very little but do not usally forgive balance…"
Enez Karabegovic replied to Enez Karabegovic's discussion Deficiency forgiveness on 2nd Mtg.. How much to top up or participation to obtain one for the Home owner"Thanks for the repy. When I get the 1st mtg reply I will give it a try. Will see where it goes. Thank you again."
Joseph C. Alfe replied to Enez Karabegovic's discussion Deficiency forgiveness on 2nd Mtg.. How much to top up or participation to obtain one for the Home owner"Make an offer. I usually start with 1% of outstanding balance as a cash contribution."
Enez Karabegovic posted a discussionDeficiency forgiveness on 2nd Mtg.. How much to top up or participation to obtain one for the Home owner
In the middle of a SS. Just received an approval on the 2nd from Chase. Did not receive a forgiveness on the deficiency. Any suggestions on how much to top off a second to obtain forgiveness ? It is a low value Short Sale. Ist is an investor through Chase. Have not received any notification from the first on what they will settle for. Any comment will be welcomed.See More
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