Are you a U.S. military service member at Eglin Air Force Base who has been relocated by the government to a new base? Do you have to do a short sale? Is your lender Chase? If so, you may not get any special consideration, despite PCS (permanent change of station) orders.
I am currently in negotiations with Wells Fargo and Chase, as junior lien holder, for a Fort Walton Beach Florida short sale. The Eglin Air Force Base seller was transferred, or PCSd (permanent change of station), to a new base and had to sell his home. Of course, he was substantially upside-down in his mortgage balance compared to his market value. He has no choice but to follow orders and relocate. He was not qualified for HAP due to the original purchase cut-off date of July 2006. There is little hope of renting out the property to cover the mortgage payments. This is a common scenario in my neck of the woods around Fort Walton Beach and Crestview Florida.
In the past few years, I have sold dozens of Eglin Air Force Base and Hurlburt Field military service member homes as short sales or VA Compromise sales. U.S. government orders were never questioned and always deemed a sufficient hardship. These are not voluntary relocations. They are required to ensure our safety and freedom. Not once have I had a request for cash or a promissory note from a short sale lender. That is, until now.
It seems that Chase, after sending its loan to a collection agency, feels that the open line of credit my military airman has on a charge card is sufficient for him to cash advance $25,000. With no release of the rest of his deficiency balance. There is no consideration to the new debt service our Eglin Air Force Base airman would incur. Chase’s stance is that he either pays $25,000 and remains liable for deficiency balance, or he pays $35,000 to settle the account in full.
That is, while he is fighting for us in Afghanistan.
(Stay tuned for the end of the story.)
Wendy Rulnick, Broker, Rulnick Realty, Inc.
Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204
Email Wendy: [email protected]