Chase's Investor Declined Short Sale - How to Find the Investor or other Thoughts?
I knew this was going to be a challenge, but....
Seller are doctors that became very overextended and are walking from their home. There's a first with Chase and and a second heloc with Chase. The first demanded a higher price, we countered and had a full appraisal completed.
We just heard that the INVESTOR denied the short sale....
Question: Does anyone have a good process for determining who the investor is? We have been fortunate in either having the Servicer divulge the information or we have found the information on loan documents and/or correspondence. No such luck this time.
Thanks!
tjs
Replies to This Discussion
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Permalink Reply by Smitty on
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Send in a qualified written request. They have 60 days to respond, but I do that at the onset of the file. Sometimes you can get the homeowner to call and speak to someone and they can find out themselves if you can't find the info on MERS, or through the registry of deeds.
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Permalink Reply by Ben Benita on
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To find the Investor
- you can call in and ask (this RARELY works
- have the Selelr call in to the Customer service department or the correspondence department
- BEST WAY (though it can take the longest), send in a qualified written request (QWR)
You can also ask if the loan is:
Portfolio - this means Chase is the Investor
GOvernement - Fannie, Freddie, etc. (you can also check online)
Private - (here is where you will need to call in or use the QWR)
If you e-mail me at [email protected] I can send you the form we use and giv eyou more details.
You should also see if there is mortgage insurance, this can lso play a HUGE role in the decisions.
Best of luck!!! -
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Permalink Reply by Brent Innocenzi on
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Emailed you Ben, Thanks!
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Permalink Reply by joe beauchamp on
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Ben, you send that certified? Do you actually get some usable results from the QWR?
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Permalink Reply by Mark Raatz on
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My partner's and I completely circumvent loss mitigation at Chase by purchasing their notes in bulk. Here's how we do it: http://www.shortershortsale.com
Earn a commission if you have a buyer plus 5% of the note purchase price as revenue sharing. Earn the revenue sharing even if you don't have a buyer. We have wholesale buyers in case you don't have a retail buyer. So, you still get revenue sharing if your buyer walks or you never had a buyer. -
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Which ones do you purchase Mark? I have a fannie backed chase loan going no wher fast. PM me.
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It seems I can't PM unless you accept 'friend' request
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