Purchasing Or Negotiating A 2nd Lien W/o Doing A Short Sale
I have a client of mine whose situation is this:
Home value: $675-700,000
1st-Chase- $673,000-5 months behind
2nd-Chase-$178,000-5 months behind
The first will modify and the second would follow through the Obama plan, but what we would like to do is to somehow either purchase the 2nd so that the lien could be eliminated or to get them to take a settlement and eliminate them that way. The 2nd has not charged off yet and I am wondering should be let them charge off and then negotiate with a collection agency or is it better to actually negotiate with Chase?
In my first conversation with Chase regarding this, they mentioned settling for 70% of the balance which seems ridiculous considering they are not in any equity position. They also said you can apply to be a one time note purchaser and I wondering what dollar amount we could expect to buy this for, etc?
How should this be handled and is it possible for the homeowner to keep the 1st in place and settle with the 2nd possibly by buying the note through another corporation or something along those lines?
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