CHASE SKEWING HAFA GUIDELINES???
Seller listed with another agent July 31, 2012. Received low offer, CHASE requested comps to support offer, agent did not and after waiting for the agent to comply with no comps, the buyer walked and the seller fired the agent and got an unconditional withdrawal on Sept. 26th. A sale date was postponed at the time first offer was received.
I listed property on October 12th. Same buyers contacted me and submitted a higher offer. Received verbal approval from CHASE November 30th, written approval Dec. 03 conventional mortgage to close by Dec. 27th. Can't get a mortgage closed then, buyer scraped up cash from 401k closing on December 10th.
The seller meets all of the qualifications of a HAFA shortsale, the short sale was approved without deficiency, however, denied the seller 3,000 relocation stating the closing is less than 60 days from sale date. A sale date is scheduled for Jan 2, 2013. Seller received letter from Chase yesterday with a new sale date of Feb. 2, 2013.
Under HAFA guidelines the seller I has 120 days to sell this property. Chase is telling me they are denying the relocation fee because it was previously listed with another agent and offer was rejected.
This seller is destitute and was counting on this money to move on.
Does anyone know if there a way to fight this?
Replies to This Discussion
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Permalink Reply by Wayne Brooks on
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120 days to "market property" is on a Preapproved HAFA.
HAFA guidelines, from memory, call for denial of relocation money if: foreclosure sale date is within 60 days of the time when the short sale is "considered" (complete package reviewed) for approval. At the time of your approval, the sale date was Jan 02, within 60 days. Unfortunately, I think your seller missed it. The "previously listed with another agent and offer was rejected" doesn't make sense to me. I, of course, could be wrong.
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Permalink Reply by Gab on
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Sorry to hijack your thread but we (buyers) are waiting on a written approval from Chase HAFA Short Sale.
Our agent spoke with all the parties involved last week and she said everything has been approved (she spoke with Chase's negotiator,loss mitigation etc..) and they all told her "written approval will be sent out soon, Negotiator who has to sign stuff has been out"
Still waiting....should we be worried?
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OK thanks. How long does it usually take?
Finally starting to see the end of the tunel after waiting 7+ months. The wait is now almost unbearable :)
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Permalink Reply by Beryl Gosney on
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Ever who is negotiating this offer on behalf of the buyer and seller, apparently has lost sight of the fact that if this deal isn't close by the last business day in December 2012, that the sellers may have to pay a deficiency on the 1st mortgage because as of this writing, Congress has not passed a bill extending the Mortgage Debt Forgiveness Act, which is set to expire at end of 2012 --- Be sure this is disclosed to the seller as this could end up in a lawsuit just for failing to disclose or to refer the seller to a CPA about this right away?
Try to get this closing date moved back to end of Dec if you can and build a fire under the buyer's lender to get the appraisal done ASAP and the docs delivered to escrow 4 days before closong so the HUD-1 can be sent to the servicer for final approval. GOOD LUCK
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I have SS with Chase right now that did not qualify for HAFA. My Chase negotiator offered Seller FHA relocation of $1000, for closing within 30 days. If you are closing tomorrow, you can ask, but changing the HUD-1 in time may be extremely difficult. Buyers are purchasing some personal property items - large appliances excluded from sale. This will help the sellers as well.
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Permalink Reply by Kevin - Greenville, SC on
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Do you have a valid HAFA SSA is place?
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