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Morris County Short Sales: This Short Sale Negotiator Isn't Doing His Job
Morris County NJ – Here is a question that the Stop Foreclosure Institute recently received. "I am in the middle of a very long negotiation with Chase. The seller had me to put a clause into the contract stating “upon approval of short sale by sellers’ lender, lenders, & or affiliates, client, or heirs will be released from any monetary shortages or deficiencies from said sale of stated property upon successful closing and transfer of title from that date and forevermore.” Discover how other sellers successfully did a short sale to avoid foreclosure by clicking here. The short sale negotiator at the lender, Nathan W, has advised me that he will reject the file and close it out if we don’t remove this from the contract. What do you think? After reading your comments below, I am not sure of what will happen. How should I pursue this?" James. Here was our answer: I think the negotiator is getting his ego involved. Many investors waive promissory notes. He is out of line (and breaching his lender's fiduciary duty to the owner of the loan) if the following applies: 1. If it is the loan owner's policy to not pursue a deficiency. ... more

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