Short Sale Superstars2024-03-28T13:07:20ZPaula Bachmanhttp://shortsalesuperstars.com/profile/PaulaBachmanhttp://storage.ning.com/topology/rest/1.0/file/get/3144342281?profile=RESIZE_48X48&width=48&height=48&crop=1%3A1http://shortsalesuperstars.com/group/chase/forum/topic/listForContributor?user=0a725mmth5hfl&feed=yes&xn_auth=noCHASE HELOC pay commission to buyer's agent related to buyer?tag:shortsalesuperstars.com,2018-07-25:3468065:Topic:3943002018-07-25T16:50:46.447ZPaula Bachmanhttp://shortsalesuperstars.com/profile/PaulaBachman
<p>Will CHASE HELOC pay commission to buyer's agent related to buyer? Thx - Bob</p>
<p>Will CHASE HELOC pay commission to buyer's agent related to buyer? Thx - Bob</p> New CFPB Guidelines for Short Salestag:shortsalesuperstars.com,2017-10-25:3468065:Topic:3898002017-10-25T18:55:40.574ZPaula Bachmanhttp://shortsalesuperstars.com/profile/PaulaBachman
<p>Here we go again. .. Lenders are giving different interpretation of new CFPB guidelines effective Oct 2017. Bank of America is stating that borrower/seller MUST apply for Home Retention ( modification) before they can be considered for short sale and they cannot opt out no matter who the investor is. SPS is stating the opposite. That seller can opt out and choose just to do a short sale. OCWEN has not given a clear answer yet. Has anyone else come across this issue?</p>
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<p>Tony…</p>
<p>Here we go again. .. Lenders are giving different interpretation of new CFPB guidelines effective Oct 2017. Bank of America is stating that borrower/seller MUST apply for Home Retention ( modification) before they can be considered for short sale and they cannot opt out no matter who the investor is. SPS is stating the opposite. That seller can opt out and choose just to do a short sale. OCWEN has not given a clear answer yet. Has anyone else come across this issue?</p>
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<p>Tony Morales</p>
<p>TM Short Sales Consulting</p> Does Short Sale Lender Have to Pay HERO/PACE lien?tag:shortsalesuperstars.com,2017-09-28:3468065:Topic:3893042017-09-28T22:27:14.172ZPaula Bachmanhttp://shortsalesuperstars.com/profile/PaulaBachman
<p>The facts: Seller entered contract for energy products; i.e. windows, A/C unit under HERO program in April 2017. Total amount of $15,279.00 plus interest . The program requires yearly payments via property taxes. Meaning it is on the tax roll and is recorded as a Tax Assessment for the next 25 years starting 2018.</p>
<p>Buyer submitted offer and requiring that the lien be paid and cleared.</p>
<p>Would short sale lender be required to pay it?</p>
<p>Also..Seller not eligible for…</p>
<p>The facts: Seller entered contract for energy products; i.e. windows, A/C unit under HERO program in April 2017. Total amount of $15,279.00 plus interest . The program requires yearly payments via property taxes. Meaning it is on the tax roll and is recorded as a Tax Assessment for the next 25 years starting 2018.</p>
<p>Buyer submitted offer and requiring that the lien be paid and cleared.</p>
<p>Would short sale lender be required to pay it?</p>
<p>Also..Seller not eligible for relocation assistance</p>
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<p>Tony Morales</p>
<p>TM Short Sales Consulting</p>
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<p> </p> ANY ADVICE TO ESCALATE HUD APPROVAL FOR SHORT SALEtag:shortsalesuperstars.com,2017-09-19:3468065:Topic:3891842017-09-19T21:24:03.469ZPaula Bachmanhttp://shortsalesuperstars.com/profile/PaulaBachman
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<p>Our approval letter expired on 9/15/2017. We had submitted our HUD/ALTA for final approval on 9/11/2017. They still haven't approved the ALTA and we are getting all sorts of excuses about a manager needing to review it. The Buyer is going to walk if we don'f fund this by tomorrow. Chase sucks! This is a second mortgage that we are working on Equator.</p>
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<p>Any advice--phone numbers would be awesome.</p>
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<p>Robin </p>
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<p>Our approval letter expired on 9/15/2017. We had submitted our HUD/ALTA for final approval on 9/11/2017. They still haven't approved the ALTA and we are getting all sorts of excuses about a manager needing to review it. The Buyer is going to walk if we don'f fund this by tomorrow. Chase sucks! This is a second mortgage that we are working on Equator.</p>
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<p>Any advice--phone numbers would be awesome.</p>
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<p>Robin </p> use some of $3,000 relocation incentive for needed repairs for buyers FHA appraisal requirements?tag:shortsalesuperstars.com,2017-01-23:3468065:Topic:3833452017-01-23T15:06:25.032ZPaula Bachmanhttp://shortsalesuperstars.com/profile/PaulaBachman
<p>Have a short sale with Chase. Got net required on settlement statement, but the FHA appraiser for buyers lender stated that two windows had to be repaired before they could close. I asked my negotiator if we could use some of the relocation incentive for these repairs(the buyers bank said the repairs could be escrowed for after closing). Send over settlement statement to Chase with copies of the repair estimates, now she messaged me back and said the relocation incentive can't be…</p>
<p>Have a short sale with Chase. Got net required on settlement statement, but the FHA appraiser for buyers lender stated that two windows had to be repaired before they could close. I asked my negotiator if we could use some of the relocation incentive for these repairs(the buyers bank said the repairs could be escrowed for after closing). Send over settlement statement to Chase with copies of the repair estimates, now she messaged me back and said the relocation incentive can't be applied toward these repairs because the home is sold in as-is condition?</p>
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<p></p> Chase slow to give approval lettertag:shortsalesuperstars.com,2016-11-29:3468065:Topic:3819942016-11-29T16:27:22.586ZPaula Bachmanhttp://shortsalesuperstars.com/profile/PaulaBachman
<p>I have had to escalate this transaction and will lose it if they don't respond by December 1st. This is the 2nd offer. First one was countered by $7k so buyer walked. Have it at approved price, buyer paid $1000 over. They had contract since Oct 25th. Got ALTA over by Nov 1st. Had to start calling on Nov 14th to escalate it. They are dragging their feet. Buyer submitted 2 addenda to give Chase time to approve short sale. The one given the last time expires December 1st, so if I don't have an…</p>
<p>I have had to escalate this transaction and will lose it if they don't respond by December 1st. This is the 2nd offer. First one was countered by $7k so buyer walked. Have it at approved price, buyer paid $1000 over. They had contract since Oct 25th. Got ALTA over by Nov 1st. Had to start calling on Nov 14th to escalate it. They are dragging their feet. Buyer submitted 2 addenda to give Chase time to approve short sale. The one given the last time expires December 1st, so if I don't have an approval letter by then the buyer will walk.</p>
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<p>Just need an approval letter. They keep blaming it on the holidays, Veterans Day, Thanksgiving Day.<br/>I understand. However, if the price is now approved and all the paperwork is approved they said it will take 72 hours to issue letter. They aren't counting from last Wednesday. They are counting from yesterday, the 28th. Is there someone else I can contact to get this approval letter? Any assistance would be helpful.</p> HELP! Chase charged off second lientag:shortsalesuperstars.com,2016-11-08:3468065:Topic:3811552016-11-08T00:16:27.723ZPaula Bachmanhttp://shortsalesuperstars.com/profile/PaulaBachman
<p>Ok I have a situation where CHASE has charged off the second lien and refuses to do a short sale. I have gone all the normal routes of escalation through executive offices and they stated that generally a "release of lien" is filed if the loan is charged off. (which of course its not, we have title pulled)</p>
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<p>So now they are stating that it needs to be paid in full ect.</p>
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<p>HELP..any advise? Never been in a situation like this, generally I can get to someone else who…</p>
<p>Ok I have a situation where CHASE has charged off the second lien and refuses to do a short sale. I have gone all the normal routes of escalation through executive offices and they stated that generally a "release of lien" is filed if the loan is charged off. (which of course its not, we have title pulled)</p>
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<p>So now they are stating that it needs to be paid in full ect.</p>
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<p>HELP..any advise? Never been in a situation like this, generally I can get to someone else who can make it happen and i am at a loss.</p>
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<p></p> Nationstar Countering Over Payoff of the Loantag:shortsalesuperstars.com,2016-06-22:3468065:Topic:3764032016-06-22T21:34:26.334ZPaula Bachmanhttp://shortsalesuperstars.com/profile/PaulaBachman
<p>here's a new one. we have offer for $650,000.00 with net proceeds through HAFA short sale approximately $577,000.00 The payoff of the loan is $588,000.00. NS went through auction process twice with no bids and now they countering the buyer at $700,000, (which they claim is their value) and if buyer doesn't agree they will put on auction again. I questioned that since their value would pay off the loan in full then why are they still have opened as short sale They said they do not take…</p>
<p>here's a new one. we have offer for $650,000.00 with net proceeds through HAFA short sale approximately $577,000.00 The payoff of the loan is $588,000.00. NS went through auction process twice with no bids and now they countering the buyer at $700,000, (which they claim is their value) and if buyer doesn't agree they will put on auction again. I questioned that since their value would pay off the loan in full then why are they still have opened as short sale They said they do not take the payoff into consideration until they have an approved offer. And of course they are threatening to cancel the short sale if the seller does not agree to another auction. It seems they are only concerned with getting their 5% premium. Any comments?</p> Chase denying certain closing costs on VA Compromised Saletag:shortsalesuperstars.com,2016-05-19:3468065:Topic:3746812016-05-19T12:48:21.489ZPaula Bachmanhttp://shortsalesuperstars.com/profile/PaulaBachman
<p>I have run into this issue twice in the last few months. Chase says VA will allow only the following costs (specific amounts were from a recent closing):</p>
<p>Allowable Costs Amount<br></br>- Loan Origination Fee $350.00<br></br>- Appraisal Fee n/a<br></br>- Credit Report $18.00<br></br>- Lender's Inspection Fee n/a<br></br>- Tax Related services n/a<br></br>- Flood Certification $9.00<br></br>- Underwriting Fee $400.00<br></br>- Wire Transfer Fee n/a<br></br>- VA Funding Fee n/a<br></br>- Closing or Escrow Fee $549.00<br></br>-…</p>
<p>I have run into this issue twice in the last few months. Chase says VA will allow only the following costs (specific amounts were from a recent closing):</p>
<p>Allowable Costs Amount<br/>- Loan Origination Fee $350.00<br/>- Appraisal Fee n/a<br/>- Credit Report $18.00<br/>- Lender's Inspection Fee n/a<br/>- Tax Related services n/a<br/>- Flood Certification $9.00<br/>- Underwriting Fee $400.00<br/>- Wire Transfer Fee n/a<br/>- VA Funding Fee n/a<br/>- Closing or Escrow Fee $549.00<br/>- Document Prep Fee $99.00<br/>- Notary Fee n/a<br/>- Attorney Fee n/a<br/>- Owner's Title Insurance $669.85<br/>- Recording Fees $70.00<br/>- Transfer Taxes $989.60<br/>- Pest Inspection $35.00<br/>Total $3,189.45</p>
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<p>VA says that is not so, that they have no limitations on which costs can be paid, as long as the buyer's lender allows them.</p>
<p>I was able to get Chase to approve the full amount in the contract, $8,358, and we closed.</p>
<p>But now I'm having to go through this again. My VA contact said he has not encountered this with Chase so I'm not sure what is going on.</p> Chase shows account closed and zero balance after client completed BK but won't release lientag:shortsalesuperstars.com,2016-04-04:3468065:Topic:3714612016-04-04T18:41:46.263ZPaula Bachmanhttp://shortsalesuperstars.com/profile/PaulaBachman
<p>I have spoken to multiple departments at Chase over the last couple of weeks who have all said this HELOC was closed with a zero balance in 2014 (Our escrow officer even has an email from a Sr specialist at Chase confirming the account closed/zero balance). I was told the balance at the time was approx. $25K but it was cleared in BK and the account was closed with a zero balance. The balance on the 1st mortgage is just low enough for us to proceed with a standard sale, but the Chase HELOC…</p>
<p>I have spoken to multiple departments at Chase over the last couple of weeks who have all said this HELOC was closed with a zero balance in 2014 (Our escrow officer even has an email from a Sr specialist at Chase confirming the account closed/zero balance). I was told the balance at the time was approx. $25K but it was cleared in BK and the account was closed with a zero balance. The balance on the 1st mortgage is just low enough for us to proceed with a standard sale, but the Chase HELOC is still on title. We are trying to process the lien release but were transferred to the "bankruptcy recovery" team today who are saying the lien will only be released for a payment of $35K and it has to be paid by April 29th and cannot be paid through proceeds of the sale. They are also saying they had mailed an offer to the seller last fall offering to release the lien for $18K but that offer is no longer available. My client is battling stage 4 cancer, she is just wants this to be finished, she absolutely doesn't have $35K.</p>
<p><strong>Does anyone have a senior contact at Chase that could help with this file?</strong></p>