Chase Home Finance - Short Sale & Deficiency
So I am still pursuing this short sale with Chase and had a new question. I spoke with them on Thursday and was not encouraged. I owe chase $50,000 but the market is plummeting in Florida and my home offer will only pay off my 1st, leaving chase $0. My short sale was sent back because they said I needed to show them how much they would get at closing, which is 0 cause I aint got no $$. They said that is unacceptable and I argued a while about how making money appear out of thin air is impossible. I then realized I will just make up a number that I will give them at closing, say $10,000 to see what happens.
I asked her about converting the secured debt to unsecured for the purpose of the short sale to happen and she said they do not negiotiate like that and I must provide money at closing (Back to the money out of thin air comment). So the questions are:
1) Any way to get them to convert a portion of the 2nd into unsecured debt to get the short sale to happen? They said the deficiency people are completely separate from the short sale and you cannot speak with them until the SS is complete.
2) Anyone have any experience with how actively Chase pursues the deficiency? If it ends up being the balance of the 50K then I will probably have to rent for a while and lose $800+/month.
Thanks.... 
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