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I'm currently a buyer of a short sale where Wells Fargo was the primary and Chase was the secondary lien. Wells negotiated a portion of the offer price and offered it to Chase in order to lift the lien. It took a full month and a threat to walk away before Chase even answered with a counter offer. *shrugs* Ironically, Chase finally approved it when the seller agreed to up the offer and then set a closing date a week earlier than Wells! I'm in the process of getting a loan and hopefully I can make it in before Chase's deadline...
It was a HELOC on the second with a local credit union. The first with Chase was the original loan. It was also a classic hardship situation.
What I meant to ask was the Heloc used for the home (home improvement etc) or was it used for non home purposes (fund business, pay off credit cards etc).
The reason I ask is there doesn't seem to be an rhtyme or reason to how banks forgive Helocs. The only thing I see is that Helocs over $100k regardless of what they were used for are more easily forgiven these days than small Helocs like those less than 50k. I know it sounds strange but I guess banks reason u are more likely to walk if you owe them more on a loan.
One of my neighbors is about to be forgiven on a 200k home equity he used to fund a business. He's short selling his home for $270k less than he paid for it. He basically put a big down and than immediately took it all out after he moved it.
I just passed week 8 as a buyer of a Chase only short sale. Things seemed to progress pretty quickly at first. They ordered a full appraisal that came back within range of our offer (wouldn't tell us the amount) and they said they would have a decision in 10 days. That was over 3 weeks ago. I honestly wouldn't be so bad if the listing agent would keep in contact with us. Today received word that they wanted more financial information from the seller, and once they get that, it will be expedited with the investor.
All in all, I am more irritated with the listing agents inability to keep us informed as much as chase making timely decisions. Hopefully it's approved and the investor doesn't want extra money from the seller, but from the sounds of the communication today, it shouldn't be much longer.
...One of my neighbors is about to be forgiven on a 200k home equity he used to fund a business. He's short selling his home for $270k less than he paid for it. He basically put a big down and than immediately took it all out after he moved it.
While your neighbor may be allowed to short sale with a HELOC, he may face a deficiency judgement for repayment. It's also possible he negotiated some type of installment repayment plan or a lump some payment, perhaps for a much lower amount.
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