Chase says my client makes too much. UGH!!
Chase is denying my clients short sale because they claim that the borrower can afford to pay the mortgage. Chase is basing everything on their gross income, however when using take home pay, my clients are $2300 per month in the hole.
They have about $9,000 in savings which will be used up in about 4 months.
They have not missed any payments, however, Chase told them when we started this that they will consider a short sale even if they have not missed payments.
Their hardship is the -$2300 per month and the reason is that the husband lost his job with a hedge fund and his income dropped by almost $100,000.
They are not eligible for HAFA because the mortgage payment is already less than 31% fo their gross income. Their problem is mostly their other expenses. High cost of living in NJ, commuting costs to manhattan, Child's college expenses, car loans, credit cards, etc.
After the BPO the negotiator said that they needed an offer between $370,000 - $380,000. So the buyer raised their offer from $350,000 to $375,000. Then I am sure he put all the numbers in the computer and it came up "not qualified." I asked him to give me a supervisor and i was sent to a voice mail. Two days later the seller's got a denial letter.
I am still dialoging with the second, also Chase.
Here is the most amazing part Chase the first is only short $9000 and yet they said no.
I think we can adjust some figures from the padding on the HUD and have enough to pay off the 1st in full and then pay at least 10% of the second. Can I just work with the 2nd or should I call the Chase executive number and try to get this reconsidered?
Replies to This Discussion
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Permalink Reply by Ben Benita on
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Go to the top of the food chain girl!!!!
Tell them what you wrote on here about the lack of funds and you will be fine...contact me off here if you need guidance.....the negotiator is just blowing you off b/c you did not have the numbers where they need to be to make his/her job easy....
Keep fighting.....get your commission, and, most improtantly, help your clients through this difficult time!!!! -
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Permalink Reply by Katerina Gasset on
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I would try to get the first paid off and work on the short with the second. You can get the executive office involved but if there is enough padding, why not just pay off the mortgage. That way it would not even be a short sale with Chase. Then you can deal with the second and work something out with them.
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Permalink Reply by Tracy Gibson on
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Will the 2nd take a hit if the 1st is not? They are owed around $85,000. I could get them 10% or a little more. The second is also Chase.
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sounds like there is wiggle room....I agree....get the first paid in full, then, work a short sale on the second.
To answer your question, yes, the second will short sale even if the first does not..... -
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