I am starting a new file with Chase. I haven't worked with a Chase short sale in two years. There is a first and a 2nd lien with them. Does anyone know what the first with Chase will typically give to the second? Some banks max at $3000. Also what is your opinion of Chase when it comes to short sales... what should I be prepared for? Any advice is greatly appreciated.

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I would find out who owns both loans. I have a couple files with Chase currently. Always went pretty smooth. I have one right now were we have a great negotiator and we have great contact. I have another that went through HAFA and got the approval in about 28 days.

I would recommend sending in your autho quickly and having the client fill out the specific Chase SS package. Once they fill it out call Chase and verify they have your autho and verbally go over the financials with the rep. She will input them into the system and qualify your client for a workout.

As far as what they will give the second that will have to depend on the offer, net proceeds and negotiations. I would recommend on your prelim hud not just putting the typical $3000 to the second. Start higher giving you room to work and drop/negotiate.

If your going HAFA max contribution to the 2nd is $6,000. Hope this helps some. Good luck and keep us posted.

Have worked closely with Chase short sales over the last year, and I would have to say 90% of the time the 2nd lien balance has been waived when its a Chase 2nd lien. No promissory note or deficiency judgment were required. Usually on the HUD I like to but 10% to the 2nd, and usually Chase doesn't want to pay themselves, so they eat the loss.

 

Chase has a great short sale process. Almost as good as Wachovia.

 

I have some great contacts for both in my short sale lender contact book, please contact me if you run into any issues and need something expedited.

 

Robert F. Torres

Loss Mitigation Expeditor, LLC

Direct - (562) 334-2090

Robert,

Can you get me any executive contacts at Chase? I'm running into bureaucratic stupidity there and need to find a way around it?

 

Timothy Toye

Agree with Robert.  I am in California, and Chase has not been particularly good.  Their BPO's are notoriously high and they have been stubborn to see true FMV with offers.  However, re: the 2nd.  No problem with 10% payout and when they are carrying it, probably release it..good luck.

i have a short sale with chase 1 bank chase! seller is upside down about 100k from the FMV. bpo was done 40 days ago and package was submitted they asked about 14 days ago for the sellers finances which were submitted 2 weeks ago. Spoke with the listing agent today and she had said the Negotiator said to call friday he was reviewing the file today. Can anyone tell me what's going to happen next. First time with Chase 60 days into this with just one lien and above FMV. for home.  

 

 

 

I have worked closely with chase, and I can tell you that 60 days is too long to wait for an approval from Chase. They are one of the fastest short sale lender I have worked with. When the BPO comes back, within 2 weeks you should either get approval or counter of original purchase price. If you r 60 days in with no reply, please ask for file to be expedited to case manager and that you need status update. Make sure they put this in the "lender notes," which triggers to the investor and they must respond within 72 hours.

 

Hope this helps!

Thanks Robert!!! i do know that there is PMI involved so that could be a reason for the delay i am guessing, They just keep comming back asking for more paper work now im not sure but they are either being crazy of this listing agent is not submitting a proper package. If i dont hear tomorrow i will ask the agent to expedite this case. 

 

also my clients offer may be  about 10-15k off fvm at the most, is this enough to get chase to counter of will they just shut the door on that kind of price?

Depends on the investor. I know that Fannie and Freddie with go 85% NET of FMV. So your $10K - $15K offer from FMV should be considered and possibly good enough for approval. I would expedite, and make sure you include sometime of third party BPO, repair estimate, and/or market analysis for area. Please feel free to give me a call if you run into road bumps.

 

Hope this helps.

 

Rob - 562-334-2090

Robert have some news for you.

 

they have came back today and said that the file will finish the review by 6/28/11 and than will be assign to a different negotiator to go through the next step which is getting the aprroval from the mortage insurance company they say that takes between 10-14 days

does this mean that once moved to Mi that chase approved this file and waiting for MI approval?  is there something else this agent should be doing to get this rushed?

No does not mean that Chase has approved the file. When you have MI on a file, its like going through 2 different reviews for approval. Which explains the delay in the process. Chase has to get approval from MI company, and then they can issue there own approval. Without MI approval, nothing will get done.

 

This can't be rushed because the lender is at the mercy of the MI company.

with your experiances how long will MI take before there approval on this file.
MI can usually take 30 days!

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