I am a R.E. Broker and have received 3 offers on a Seller's home in which Chase holds the 2nd. Two of the Buyers backed out due to the delay in the 1st lender's response, however, buyer 3 has stayed in for the run. We finally received the approval from the 1st (Aurora Servicing), but now Chase, thru Regency Credit Servicing is blocking the payoff offer from Aurora. They won't even submit the offer to Chase. They will not put this in writing, so the Buyer, the Seller and Broker are sitting in limbo. Since Regency Credit will not cooperate, this will force the Seller into foreclosure, the buyer loses the opportunity to purchase the home and I will not receive a commission which I put many hours of calls on hold, smart ass gate keepers, etc, marketing cost, time, energy, thousands of pieces of paper, faxing and so on. It seems to me that Chase, ie Regency Servicng should be held legally liable for completely ruining the Seller's credit and forcing him into bankruptcy. It also seems to me that the Lender should been upfront with their game plan, rather than waste everyone's time and expense going on 7 months. There should be a law to stop the Lender's from doing this very nasty way of doing business.
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