Albert Lee, Real Estate Pro in Germantown, TN

Does anyone dealing with a shortsale and your seller is a veteran(active)?

Asked by Albert Lee, Germantown, TN Tue May 24, 2011

Does your lender require your seller to sign SCRA Waver Form? I have an active file with Chase and quiet frankly, it has not been smooth from the day one. I am a SFR(Shortsale & Foreclosure Resource) certified by NAR and I have been doing shortsales over 2 years..

Lender is asking the seller to sign the form to move the file forward and also they are saying this does not remove his SCRA protection completely(don't understand this part at all). Seller has consulted legal counsel, and their suggestion was to isolate the waver to this one particular transaction ONLY. So far, Chase is not willing to do so. What do you think?

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Ron Thomas, Agent, Fresno, CA
Tue May 24, 2011
I'm not sure if this is relevant: I understand that the "catch 22" on short sale recourse is the "destitute" position of the Seller; meaning that the Seller has no money or assets for the Bank or the IRS to attach. I just had a very successful Doctor let his very expensive home go thru Forclosure just because he was upside-down on the value. (He had the money, he could have kept it, and he has a lot of other assets!) I advised him that he could be a target for both the IRS and his Lender, and he chose to ignore me. (I haven't talked to him in six months, so I do not know what has transpired.) In your case, with the Owner in the Military, I would not be surprise that Chase see him as an example of someone who is NOT destitute and they can get some or all of their losses from him. I think we are going to hear more about this in the next 2-3 years.
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Stephen Ande…, Agent, Memphis, TN
Tue May 24, 2011
Give me a call when you can........Short sales are 75% of my business, I will be happy to help you!

Stephen Anderson
Keller Williams
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