Holiday Isle, Destin Short Sale - Approved by Chase/Washington Mutual

This townhouse on Durango Road, Holiday Isle in Destin Florida has been approved as a short sale. It is on a canal on Destin Harbor with a dock. It needed significant work due to an active water leak.

Lender: Washington Mutual, now Chase

Mortgage Balance: $359,000 appr

Sale Price: $195,000 appr

Approval Time: 5.5 Months

If you need to sell your home as a short sale in Destin or Sandestin, Florida, it is best to hire an experienced short sale agent.

It's Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.

Destin Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Destin Short Sale Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Wendy is a short sale and pre-foreclosure specialist and can help you sell or buy a short sale property in and around Destin Florida and the Emerald Coast. Wendy has been interviewed by Kiplinger Personal Finance Magazine and Business Week magazine, and has had her short sale articles appear in Florida Realtor Magazine.Call Wendy Rulnick, to list and sell your property on the Emerald Coast of Florida in Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.

Give Us Your Commission - Or Else - Extortion by Short Sale Loan Servicer

The public needs to know what is going on....

The "gentleman" from GC Services, started out saintly and well-mannered. But by the time we were through, he had ordered me to "Acknowledge" him when he spoke and "give him my money". Here is my story.....I received approval from Wells Fargo, the senior lien, for a Destin area short sale. The junior lien, Chase, is being handled by GC Services, a collection agency. On this particular loan type, Chase is required by the investor to outsource the short sale and collections.

The junior balance is $40,000. GC Services wants $13,000 to release its lien. I got them a whopping $10,000. $3,000 from Wells Fargo, $1,000 from the seller, and $6,000 from the buyer.


The "gentleman" from GC Services said that $10,000 was not enough. To make up the other $3000, he said I was to "take x% of the full commission Wells Fargo was paying", and give that to him.

Not believing my ears, I told him I wasn't "quite sure I understood" what he was saying. He then said I obviously did not understand HUD's, and that page two was to state a y% to me, and page one, x% to them. I said simply,

"NO".


The "gentleman" then stated that "if I refused, and the buyer made up the additional $3000, they would still not issue an approval" unless my commission was cut to x%. This is similar to putting your hand in someone's wallet and pulling out the money, while holding a gun to their head. I called my seller. I told her I was sorry, but "the commission cut was not allowed by our listing addendum" and explained the strong arm tactic. She understood and agreed. The sale is off. I refuse to be threatened and forced to "give" someone part of my paycheck. Would you?


(**** This decision was made with the consent and permission of the seller. The seller is a friend of mine and is perfectly happy with this negotiating tactic. We have no intention of letting this property go into foreclosure. We do however intend to stop the extortion.)



It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Destin FL Real Estate
http://www.shortsalesuperstars.com/ for agents

CHASE: Won't Forgive and Forget

Do you have a CHASE Short Sale? If so, expect to read this on your approval letter:

"The customer is still responsible for all deficiency balances per the terms of the original loan documents."

Yes, they might approve the Short Sale with this sentence "Chase agrees to release its security interests in the 'subject property' collateral". However, expect to be solicited by their recovery department for the balance of your mortgage after closing.

What to do? After consulting with an attorney, my seller decided to go forward with the Short Sale. Her attorney advised Chase was in a weakened position with no collateral. i.e. house to attach.

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in SHORT SALES and FORECLOSURES on the Emerald Coast of Florida: Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Dune Allen, Blue Mountain Beach, Freeport, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Emerald Coast Short Sale Help
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Chase: Second Lien Holder

Today I received a call from a negotiator from Chase, the second mortgage holder on one of my listings with a short sale offer. The gentleman was refreshingly nice, I must say. Chase is owed $101,000 on the note. The first, AMTrust is owed about $200,000. The offer is for $175,000. This is a very fair market offer. The Chase negotiator said with such a loss he must get an approval from G-d. He was pretty funny. He asked me to email him a price history of the listing, a preliminary HUD and a market write-up. He wanted me to have my sellers call him so he could inquire about them paying a promissory note or doing a cash contribution. He knew that was not likely, but had to follow his checklist. He said if he called them, they might not answer if they have caller id! How true. He said that Chase would combine a BPO price with a computerized value compared to the original appraisal. The value becomes the "Reconciled Market Value" or RMV. He also interestingly noted that there was always an investigation as to whether appraisal fraud may have occurred with the original loan, and that more and more cases were turning up. Compared to the recent experience I had with the ASC negotiator, Mr. "Chase" was courteous and refreshing!

It's Wendy!
Wendy Rulnick, Broker, CRP, CRS, GRI, ABR Rulnick Realty, Inc.
Specializing in SHORT SALES and FORECLOSURES on the Emerald Coast of Florida: Destin, Fort Walton Beach, Mary Esther, Shalimar, Santa Rosa Beach, Niceville, Navarre, Crestview, Sandestin, Seaside, Inlet Beach, Blue Mountain Beach, Freeport, Rosemary Beach, Seacrest, Dune Allen, Miramar Beach, Florida.
1-877-487-9639

www.ShortSales-EmeraldCoast.com
www.RulnickRealty.com