need help dealing with Chase

**mrla12** · 02-07-2009, 10:16 PM

Thanks in advance for any advise.....my situation is as follows;
I am currently trying to do a short sale invloving Chase, it is the riginal loan so it is first money
I am using a real estate team which consist of an agent, 3rd party negotitor for the lender,and a lawyer for my protection....
I have an above market value offer which was approved by chase ( 1.75 sq ft. current market is around 1.50 sq ft) on thier letter head , I was supposed to close escrow last week, but someone at Chase does not want to commit to a letter releasing me of defieceincies.

I dont know what else can be done.....

Has anyone else run into this problem....

**Maurice Bedard** · 02-07-2009, 10:26 PM

mrla12,

I am not quite sure what we would be able to do to help you here on this forum...................you have a team of people working on your behalf including an attorney............

you can try having your attorney call the executive office to see if they can help.
1-800-242-7399

**mrla12** · 02-07-2009, 11:01 PM

Thank You Cat for the # ....I was wondering why my entire original post was not posted......

**Maurice Bedard** · 02-08-2009, 09:05 AM

You had explained the situation...........
the email that your attorney sent to Chase on your behalf......... is a personal documentation to your case..........

**mrla12** · 02-08-2009, 04:47 PM

No prob...Cat..I apprieciate the blog....I think people will benifit

**selfemployed** · 02-08-2009, 05:13 PM

Mrla12
I am a real estate agent and have done short sales for my clients. I am not sure what state you are in but most banks will not sign to release you. When you do a short sale the bank is agreeing to release the lein and transfer the deed for less than what you owe. Most of the time you (the seller) will have to claim the amount that they wrote off as income. I always advise my clients to consult a tax attorney before we agree to do a short sale so they understand what implications it may have when they file taxes. I wish you the best and hope everything works out for you.

**mrla12** · 02-09-2009, 11:09 AM

thank you for your input

I am aware of tax consequences, my question is if anyone has had a a letter from Chase forgiving the deficiencies

I am in California

California Code of Civil Procedure states that borrowers with purchase money loans are not liable for the the deficiency:

the following is CCP 580b quoted in pertinent part:

580b. No deficiency judgment shall lie in any event after a sale of real property or an estate for years therein for failure of the
purchaser to complete his or her contract of sale, or under a deed of trust or mortgage given to the vendor to secure payment of the balance of the purchase price of that real property or estate for years therein, or under a deed of trust or mortgage on a dwelling for not more than four families given to a lender to secure repayment of a loan which was in fact used to pay all or part of the purchase price of that dwelling occupied, entirely or in part, by the purchaser.

bottom line Chase cannot come after purchase money loans in California so I donot understand why they are refusung to finalize my Short sale,,,all I can figure out is they are holding out to foreclose so they can recoupe from PMI?????