OK, here’s the problem. It depends if the 2nd is a recourse loan that went to recovery at Chase. If it did they probably want 50 to 80 cents on the dollar which could be alot of money. If thats the case, seller could have said OK I’ll pay the X now instead of being on the hook for 2X later but realized they can just go BK if Chase comesa after them. Another is Chase wanted severa l thousand and seller was willing to pay it but realized they had non-recourse loans and just said F%*K it let em take the house and I’m off for nothing. These are but two of many possible scenarios.
But here is your real problem. Your only real rememedy is to sue for specific performance (i.e. force them to sell you the house). It would take a long time to litigate that. By that time you have one of two problems. The bank already took the house back and the sellers cant sell you the house anymore. The other is what judge would force someone to sell you their house if it meant being on the hook for a huge deficiency balance. So now you can sue for damages. What damages do you really have, maybe a couple thousand at most. If you ask me this is a loser case and I’d say go find another house instead of making oyurself miserable for the next year and paying for some attorney’s Spring Break Ski trip with the family. Of course your attorney thinks you have a good case. He was thinking Big Bear and you just changed his outlook to Vail.
