CHASE approves, then revokes approval just days before escrow closes, and days before trustee sale?

Has anyone had a Chase Asset/Short Sales negotiator approve a short sale, then revoke it and then ask for a higher minimum offer?

 

Offer at $1M

First BPO done by agent who didn't really know market, valued it at $1.4M

BPO was challenged to show market value of property at $1M

After 4 months, short sale approved at $1M

IRS files lien against seller/property for $28K

IRS tax lien wasn't included in the approval

All parties agree to equal contribution to pay off tax lien to have clear title

Chase wasn't asked to contribute, but was asked to approve this arrangement

Negotiator was hard to get hold of (voice mail always full)

Listing agent asked for supervisor.

LA sends document to the general fax number given to her by negotiator

Negotiator claims she never heard from LA

But Negotiator also said she doesn't check the general fax number (????)

Negotiator is ticked off that LA tried to go around her.

Negotiator revokes the approval, instructs LA to resubmit file

Warns LA there's nothing she can do to change matters.

But this time, negotiator wants offer to be at minimum of $1.4M

The she has the gall to end her email "Make it a great day!"

 

Buyers have already signed loan docs ready to close Monday.

Sellers have packed up and ready to move out.

Property is scheduled to be foreclosed Wednesday.

 

But Chase megotiator revokes short sale and asks for offer at higher-than-market value?

 

Sellers hiring lawyer to contest the voiding of the approval letter.

Whom should they call/write to?

 

Seems like the negotiator is pissed off and isn't looking out for Chase's best interests.

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Replies to This Discussion

Pacita

 

Sorry to hear this crap about Chase Bank. I really hate them with a passion.  But, check this blog out, its about loss share agreements. Im sure your loan is a Wamu loan that chased purchased..

 

http://www.forsalephoenixhomes.com/sellers/is-the-fdic-killing-indy...

 

You may have that to write to the state senators and the ceo of the bank just like Bob did. He got a result in 24 hours, so hopefully it should work. 

 

 

Pacita, in this situation, I would go to the O.C.C. and let them call the bank to find out what's going on. We called them once when a second lien changed their approved amount and all of a sudden they were very cooperative and the file closed on time. We called our Congressman, who gave us the number of the person at the O.C.C. who was in charge of that particular bank. You could try the Executive Offices first, but if they don't act quickly, you need to get the O.C.C. involved. This just isn't right.

PS Tweet it - you may get a quick response!

 

Pacita,

 

Hopefully you will get this transaction back on track - but on a side note - no one needs to pay the IRS Lien to close the transaction.  If the seller goes to the nearest IRS Service Center with a certified copy of the closing statement showing no proceeds to the seller, and no equity in the property, the lien can be released so that the transaction can close.  It may take about 10 days to get it released but it will likely save everyone from giving up $28,000 !

 

Good luck,


Thom Colby

Broker

Newport Beach CA

Tom

That's what the buyers, sellers and agents wanted to do -- to contribute equally to pay off the tax lien. But the advice was since there are contributions from the other parties, that this should appear on the HUD. But the HUD would need to be approved by Chase. So all the LA and the Sellers wanted Chase to do was to approve the contributions so that there won't be any question about it when it shows up on the HUD

Thom Colby Newport Beach CA said:

Pacita,

 

Hopefully you will get this transaction back on track - but on a side note - no one needs to pay the IRS Lien to close the transaction.  If the seller goes to the nearest IRS Service Center with a certified copy of the closing statement showing no proceeds to the seller, and no equity in the property, the lien can be released so that the transaction can close.  It may take about 10 days to get it released but it will likely save everyone from giving up $28,000 !

 

Good luck,


Thom Colby

Broker

Newport Beach CA

HA! Chase is the ONLY servicer we know of that does not care about Tweets about them and has NO official Tweet account for short sale issues! They have turned into the worst short sale servicer since they took over WAMU's horrific short sale procedures. Chase used to be our favorite short sale bank, no more! BofA will respond to a Tweet in seconds if not minutes. They resolve the situation fast. But no, not Chase! 

Sharon Alters, CDPE, GRI said:

PS Tweet it - you may get a quick response!

 

I did go online last night. Completed complaints everywhere I could.

 

And yes, Chase doesn't have a twitter account

http://www.banktwits.com/

 

Found this info on Jigsaw

John Ivy, Chief Executive Officer, Jpmorgan Chase Bank
+1.530.246.6111, [email protected]
270 Park Ave. New York, NY 10017-2014

 

Then this morning, Friday Aug 19 at 8:03 a.m., negotiator emails and says

"Please be advised  I have spoken to my committee and they have decided to ONLY allow this transaction to close with the previous approval if you close on or before 8-22-2011. Please be advised if we do not have the wire and closing docs by 8-22-2011 which is when the approval letter expires we will NOT honor the same approval and will NOT accept anything lower than $ 1,400,000."

 

Everyone scrambled to make this happen. Flurry of phone calls, emails. Wrote addendum with everyone's contributions. Escrow officer directed everyone on what to do, where to go. Even negotiated with the negotiator who wanted to cut realtors' commissions. Buyer wired funds. Lender and escrow officer got special accommodations to fund. Closing on Monday. But nerves are frazzled. This was so unnecessary had the negotiator not caused this fiasco.

 

 

 

Katerina Gasset said:

HA! Chase is the ONLY servicer we know of that does not care about Tweets about them and has NO official Tweet account for short sale issues! They have turned into the worst short sale servicer since they took over WAMU's horrific short sale procedures. Chase used to be our favorite short sale bank, no more! BofA will respond to a Tweet in seconds if not minutes. They resolve the situation fast. But no, not Chase! 

Sharon Alters, CDPE, GRI said:

PS Tweet it - you may get a quick response!

 

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