Knoxville Short Sale: I’m having a hard time negotiating with a HELOC
A Seller doing a Knoxville Short sale had a question for our Ask The Expert area of our site from a seller doing a short sale on his home.
“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?”
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 the 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.
If you are having trouble making your mortgage payments call me. My services to you are FREE and you should understand your options in order to avoid foreclosure. I can be reach at 865-696-9002 or email me [email protected]
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