NARS recovering for Chase Home Finance

[beachymama]

I have a short sale in process on a home I do not reside in. The 2nd was charged off by Chase back in May/June 2008. The 1st lienholder has agreed to the short sale, but since Chase charged off the 2nd lien (the HELOC) I have to get it released to get the short sale closed. The problem I am facing is that the people at NARS are asking me for a short sale package, all my pay check stubs, IRS tax records for 2 years, hardship letters, etc. I do NOT want to give this information to a collection agency. I am sure they want a promissory note to get through the closing, but would my note be with the collection agency (NARS) or with Chase who owns the lien (or does NARS own the lien now?) I don't want to sign anything with NARS, or is that just the way it works?

I would rather the house be foreclosed on because I will be filing bankruptcy, that way the 2nd's lien is gone anyway. I feel bad for the potential buyers of the home -- but I just don't see why they (NARS) need all this information?

[Trixie007]

I'm with you... I would not want to give this info to a collection agency! I would let the lender on the first know about this, maybe they would help you with the CA, since they are the ones who are going to benefit from the short sale? Maybe not, but you will have tried...

[beachymama]

I sent off an email to my IndyMac Loss Mit Rep

and asked for help. I received an email from the title company today saying that they could not continue prepping for the short sale closing if I did not send NARS all my information. This is just crazy! I have not made a payment on this home in 14 months, it should be out of my life at this point! Ugh!

[BigJohn]

Chased charged off but from what you have told us, Chase still owns the 2nd lien, is this correct?

If this is correct, why not contact Chase?