Before I jump right into talking about a short sale, let me give a little plug and share a tip with my readers, especially my older readers. You know, I wish somebody would publish a book for women about all the crap that can go wrong when you get older; so I could prepare for the inevitable in advance. It's not like I have a mother around to ask; I am an orphan.
The first thing to go is vision. I noticed this about 15 years ago, just before my 45th birthday. All of a sudden, the print on the back of canned goods had shrunk. Why were they doing this to me? I started holding reading material at arm's length and squinting. I was turning into Mr. Magoo. I even painted with nail polish little dots on my stove buttons so I'd know where the off setting was.
Although I type by touch, sometimes I look at my keyboard. The way these cheap-ass keyboards are manufactured today, the print on your keys will wear away before the keyboard ever bites the dust. I had purchased other sticky replacement keys, but the print on those rubbed off, too. Aramedia.com sells large print keyboard stickers. They aren't the cheap ones, either. I can finally see my keys without wearing my contact lenses or reading glasses.
See, it's the little things in life I embrace and relish. These are the things that make me the happiest. Another little thing is getting a release of liability on a Sacramento short sale. To many short sale sellers, this little thing is a huge, huge deal. In the past, I didn't have any difficulty with Chase Bank or Chase Bank short sales. I'd simply push the negotiator and get a letter with a release of liability. But in short-sale land, things change every single day. What was true yesterday is not true today.
Lately, Chase Bank has been issuing approval letters that are preliminary approvals, just like Wells Fargo. Although, the last letter I received from Chase did not reserve the right to pursue a deficiency judgment, it also did not address a release of liability. It was ambiguous. Because banks have rights in short sales, I advised my clients to get a legal opinion. I can't give legal advice. I'm not a lawyer. I'm just a Sacramento short sale agent.
Chase Bank would not respond to my request. I tried talking to the negotiator, citing California Civil Code sections, but it was like talking to a wall. She told me Chase would not pursue but Chase would also NOT put that promise in writing. Moreover, on top of that, she couldn't guarantee what the investors would do. So, the lawyer wrote a letter to Chase last week. Lawyers have power. I love lawyers. Yesterday, I received a revised short sale approval letter from this very negotiator clearly stating the following:
"JPMorgan Chase Bank agrees to release it's [sic] interest in the above collateral and forgive any deficiency balances upon receipt of $XXX,XXX.XX in certified US funds."
It just doesn't get any better than that.
Photo: Big Stock Photo