House #41: The Next-Door House

November 12, 2012 · 3 comments

EDIT (11/13/2012): The Rent-Back House debacle that I discuss below finally got sorted out, so *IT* will be House #39 and The Next-Door House will be House #41.

I’ve mentioned The Rent-Back House a couple times over the past two months, and was hopeful that it was going to be House #38 and then House #39. Unfortunately, it’s neither #38 or #39, and it’s not clear if we’ll be about to close on it at all.

You see, the first and second mortgage holders (both of which are Chase Bank) can’t agree on how much the second lien holder should get paid to release their lien. Chase the 1st lien holder only wants Chase the 2nd lien holder to get $2800, but Chase the 2nd lien holder wants $4300. We’re willing to pay the difference (which should make everyone happy), but Chase the 1st lien holder refuses to allow that to happen. Yup, you heard that right — Chase Bank as the 1st lien holder refuses to allow me to pay Chase Bank as the second lien holder more money.

I guess they don’t realize that they are the same company, and more money is good for the company!


Anyway, we have another house under contract and scheduled to close next week, so that will be our new House #39!

This is another short-sale, and the reason it is called The Next-Door House is that we actually had the house next-door to this one under contract for 6 months earlier this year, but the bank refused to agree to our offer. The week that house fell out of contract, the house right next door (this one) came available and we quickly got it under contract.

I’ll have more to say on this one — including some pictures — in the next few days…

3 responses to “House #41: The Next-Door House”

  1. Jingle says:

    and people trust their money with these brilliant financials wizards………

  2. Luis@wealth-steps says:

    Never underestimate the incompetence of large institutions…

    Usually the 2d lienholder gets wiped out at foreclosure, so why is the 1st even concerned about the 2d? I guess it’s because it’s a short sale and not a foreclosure?

  3. T says:

    Unbelievable and unfortunate. Congrats on the new house though!

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