Huntington Beach CA – The Stop Foreclosure Institute recently received a question about short sales. Here is the question.
“What is your experience with Chase Heloc’s? I have a HELOC that is a 2nd mortgage. Citi (the 1st) will give them 6% or approximately $3000. Chase’s collection agency is saying that they want 30% ($30,000.)
They won’t budge. They want this in CASH, not as a promissory note (in case the seller does a bankruptcy.) They are telling me they will just let the house foreclose because that is Chase’s policy now. What do you recommend that I do?”
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Here was our answer to the question. Most third party collection agencies are very tough to negotiate with. They are completely unreasonable.
They are so trained to give ultimatums that they will not budge, no matter how much logic and common sense you bring to them. Here is what you can do.
Go around them. Contact Chase’s CEO. We have been able to contact the CEO of Chase, Jamie Dimon’s Office on other Chase files. Show them that they will receive less in a foreclosure than the $3,000 available now.
Hopefully they will tell the collection agency to approve the $3,000 deal. If that doesn’t work, then ask to speak with a supervisor at the debt collection agency.
Show them how they will actually net zero when the property is foreclosed upon. Tell them that they have to either approve the $3,000 or take zero.
Tell them that rejecting the $3,000 means their client will net zero. Then, tell them that after the property is foreclosed upon, that you will contact their client and let them know how the collection agency’s actions caused them to lose $3,000.
Thinking about a loan modification?Our Huntington Beach loan modification kit will show you how to reduce your mortgage payment, keep your home, and get back on your feet. Send me an e-mail at Tony@HunthausenGroup.com to request a Free Copy. Or, click here to request a copy.
Thinking about a short sale? I can help you short sale your property so you can move on with your life. Send me an e-mail at Tony@HunthausenGroup.com. I will contact you for a free consultation.
When we talk, I will explain how the process works in detail and answer any questions you may have. Or, if you prefer, you can call me at 714-334-7808
Discover how other sellers successfully completed a short sale and request a free consultation by clicking here.
Thanks for reading this, Tony Hunthausen.
Tony is a Real Estate Broker Associate at Remax Select One. Huntington Beach Short Sales Realtor:
Phone: 714-334-7808. Tony@HunthausenGroup.com.
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View My homes for sale at www.SellingHuntingtonBeach.com.
Tony Hunthausen specializes in loan modification assistance and short home sales in Huntington Beach California. Huntington Beach Loan Modification Help, Huntington Beach Short Sales. Huntington Beach Short Sale Realtor Huntington Beach CA Short Sales. Huntington Beach Realtor.
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Tony Hunthausen, Remax Select One, and the Stop Foreclosure Institute are not associated or affiliated in any way, shape, or form with the government. Our services have not been reviewed, endorsed, or approved by the government or your lender. Most lenders willingly work with agents on short sales. Why?
Because most short sales are beneficial to a lender. If you accept our offer to help you on a short sale, your lender may not agree to a short sale or to modify your loan. We do offer a loan modification kit.
However, the likelihood of negotiating a modification is like everything else in life. It takes work and persistence to convince your lender to modify your loan. No matter what you or we do, your lender may not approve a loan modification.
If you stop paying your mortgage, then you could lose your home and damage your credit. Because we know avoiding foreclosure is so important to any homeowner, we recommend that you speak with the appropriate legal or tax advisor before making any decision.
This is not intended as legal, technical, or tax advice. Please speak with a licensed professional before making any decision. Information is deemed reliable but not guaranteed as of the date of writing.
You have the option to reject a short sale or loan modification from your lender if it does not meet your approval. If you decide not to go thru with the short sale, then you do not have to pay us our fee. We normally make a real estate sales commission for helping you on a short sale.
The views expressed here are Hunthausen’s personal views and do not reflect the views of Remax Select One.
This information on Huntington Beach Short Sale: I’m having a hard time negotiating with a HELOC is provided as a courtesy to our viewers to help them make informed decisions.