In the final phase of underwriting and a BIG problem has come up...
In 2010 I had a 2nd Mortgage with Chase that after falling behind was offered a settlement.
Within in a short time I was able to come up with funds to pay settlement. Here's the issue,
I am trying to purchase a new home and am told by underwriter that this is showing as a short sale
through Fannie computer. The difference between balance and settlement was $13k. I contacted Chase
and was told that a settlement and short sale are the same as far as credit reporting. Chase stated I could
pay the $13k and they would mark account Paid as Agreed. Any thoughts on any other options?