Short Sale Lender Update: Chase
February 17, 2010 by admin · Leave a Comment
We have gotten word from our clients that Chase has been trying to pursue deficiencies on Chase 2nd liens months after closing the short sale. Fortunately, we negotiate a full and final satisfaction on all of our Chase short sales, so these collection attempts cease immediately once we fax Chase their own short sale approval showing “full settlement”. Word to the wise – do not allow Chase to charge off your 2nd lien (which they will typically do after about 5-6 months of missed payments) – same goes for PNC/Nat City. Once these 2nd liens are charged off, a full and final satisfaction will require a payoff of 60% of the balance.
