Thread: Can I get the Bank to reduce loan 20K to sell?

Originally Posted by edbates2004

So here is my question. I have made all my payments (never been late) and I have a first and second mortgage. The 2nd is through Chase (which I heard is difficult to deal with). How can I get Chase to eat the 20K without going to short sale?

You are not in default... You won't have ANY lender "eat a loss" on performing assets. You can TRY to use Obama's HSAA (Home Stabilty and Affordabilty Act) to try and refinance, to lower the monthly payments, but to get them to "eat a loss" will not happen on a performing asset.

Originally Posted by edbates2004

I have 20 days to close this? My agent thinks I can call them and negoiate a promissary note for the 20K?

So, you are willing to "eat" the $20K, by having a lien holder release their interest on a piece of collateral, for a signature note, which is NOT collateralized? Let me know how that is recieved, but don't feel too bad when you get the guy on the other end peeing in their pants from laughter.

So why are you in "deadline" mode? Is the listing agreement going to expire? My opinion... WHO CARES! (You can always renew it, if you wish, or you can try doing something on your own... Like getting a "subj-2" buyer, who will pay what is owed, and you are not out anything.)

Originally Posted by edbates2004

Since I am unemployed not sure if I can make the payment, what if I default on the note? Its probably better than a foreclosure?

Well, you have to do, what you have to do... If that means deciding on either putting food on the table or paying the banks, you need to decide which is more important.

If you default, it will lead to FC... Umm, don't understand your comment that it is "better than a FC." It basically is the start of a FC process.

Originally Posted by edbates2004

Since I am in Vegas and if the house did go to short sale, the 2nd would be wiped out and they would get nothing.

Sometimes, it all depends on the house and if they can be more successful in selling it for the note values, but yeah, usually the 2nd is cut off at the knees.

Originally Posted by edbates2004

Do you think I could get them to reduce the 20k with no strings attached and still close in 20 days?

Well, I never say "never," and it doesn't hurt to try, but honestly I mean this... GOOD LUCK!

Still don't understand this 20 day deadline.

Hope this helps.

They would be agreeing to a short payoff. The only other way around it is you bring the 20k to the table, which you already said you don't have. It sounds like you need to short sale the home. If you need assistance with this please let me know. We can usually get the negotiations with your lender done in about 45 days opposed to months and months. We are located in Henderson off of Valle Verde and Horizon Ridge. Email me to discuss or post here.