Replies to This Discussion

Permalink Reply by Terry L. Osburn on June 10, 2010 at 10:21am

My understanding is you can have the seller request in writing the name and number of the investor and then make sure you have authorization specific to that investor to speak with them and call them.
What has been coming out is that many investors are totally unaware of what Chase has been doing in many cases.
It certainly could not hurt. Worth a try.

Permalink Reply by Jody Hoffman on June 10, 2010 at 10:24am

Oh yes, Terry! And, thank you for your reply!!
In any other case I would say that's an excellent way to try to get something done. However, after researching who the investor is on this particular loan, it turns out to be Chase themselves. They sent the loan off to their Charge Off Dept. and have already written it off. So, I'm running out of ideas.

What about the media? Does that work?

Permalink Reply by Terry L. Osburn on June 10, 2010 at 10:46am

LOL.......you gotta luv them......or HATE them...... I would........before you do though, make sure your sellers hardship does indeed fall within the guidelines etc. Hopefully your seller was up front and no monies hid.

It could be the loan is one of the government guaranteed that if it goes into foreclosure they are guaranteed 90% of the original purchase loan PLUS they get to put it back on the market and make a profit! No motivation to do short sale.




Jody Hoffman said:

Oh yes, Terry! And, thank you for your reply!!
In any other case I would say that's an excellent way to try to get something done. However, after researching who the investor is on this particular loan, it turns out to be Chase themselves. They sent the loan off to their Charge Off Dept. and have already written it off. So, I'm running out of ideas.

What about the media? Does that work?

Permalink Reply by Ben Benita on June 10, 2010 at 10:53am

Sounds like fluff and BS to me...some negotiator is just tired ofhearing from you, was probably on Facebook when you called

Try these 2 numbers:
Executive Resolution Group for Chase, 866-605-9253

888-310-7995 (Executive office for Chase) - EXCELLENT number

Permalink Reply by Craig Barry on June 10, 2010 at 11:05am

Jody,

Hopefully you are using a 3rd party negotiator to settle this deal? There are a number of good technique an expereience Loss Mitigation company can provide to meet the lenders requirements and get your deal done. You cant Fight Chase and Win unless you have friends at the Countroller of Currency or the Dept of Treasury and even Barney Frank would have to agree with your pain. In any event if you would like to consult with me I can provide a few good tips to modify your hud and to implememnt buyer contributions that will save your deal and ut some commission revenue in your pocket
PS- why on earth did this short take 18 Months?

Craig Barry
www.lossmitigationsvcsnj.com

Permalink Reply by ElizabethWeintraub00697006LyonRE on June 11, 2010 at 5:22am

Since Chase sent the second to its charge-off department, a reasonable person would conclude that Chase would release the loan without any kind of payment. I mean, that's what Chase told me it would do on an internal second when I asked last week.

Permalink Reply by Laura Eklund on June 11, 2010 at 11:26am

Ben~ Thank you so much for posting the contact numbers for Chase, I had never heard of the executive Resolution group before. I just called them and they have opened a file for me, I'm praying they can help me?!!!

Ben Benita said:

Sounds like fluff and BS to me...some negotiator is just tired ofhearing from you, was probably on Facebook when you called

Try these 2 numbers:
Executive Resolution Group for Chase, 866-605-9253

888-310-7995 (Executive office for Chase) - EXCELLENT number

Permalink Reply by Ben Benita on June 12, 2010 at 3:04am

Elizabeth, "reasonable" and "short sales" are almost NEVER in the same sentence!!!
:-)
Laura -- glad to help, those are 2 great numbers to have.
Craig - I too run a short sale negotiation company, let's chat next week and compare [email protected]

Permalink Reply by Jody Hoffman on June 12, 2010 at 7:43am

Thank you to all of you who have responded to my post so far. And, Ben, I appreciate those numbers! I did contact the CFO's office and they sent me to their "executive team", which I'm assuming may be the same thing. ??? Anyway, we are set to close according to BoA. We have a close date for June 18th, which we won't meet... again! Before, it was always BoA's fault as to why we didn't get to close. Then, suddenly, Chase decides it wants more money.

The Seller has already filed bankruptcy so there will be no recovery for Chase if they don't allow us to proceed forward with the $5,000 to them. They tell my Seller they won't accept less than $40,000 after asking for $65,000. Their loan was originally for $136,000. But, it's already been charged-off, so in MY mind, anything they recover is a bonus.... right? lol.

Three Prelimary HUDS later I am still waiting..... with baited breath.

Permalink Reply by Jody Hoffman on June 14, 2010 at 7:29am

Ben,

Thank you so much for sharing these two numbers. I have been in contact with Chase via these numbers. They opened a file for me after contacting them in their executive office. Right now, I'm waiting for the person assigned to us to call me back after leaving her a message.

Question: Do you have any knowledge of how long it usually takes for them to return your call?
Question: Do you know if they are "programmed" to handle it a particular way or are they allowed to think "outside the box"?

My Buyer (builder) says he is willing to do his loan through Chase in order to help them recover some of the loan. My builder already has an open line of credit with Chase, and he would be willing to go through them to save the deal. What do you think? Any other ideas? What could I do that I haven't thought of? Throw me anything and I'll see if it sticks.

Thank you,

Jody

Ben Benita said:

Sounds like fluff and BS to me...some negotiator is just tired ofhearing from you, was probably on Facebook when you called

Try these 2 numbers:
Executive Resolution Group for Chase, 866-605-9253

888-310-7995 (Executive office for Chase) - EXCELLENT number

Permalink Reply by Ben Benita on June 14, 2010 at 7:37am

Jody, i would call everyday until you hear from them, good "excuses" therefor:

"My broker is all over me on this file"
or
"someone else in my office did not have this issue"
or
"the other agent left me a nasty voice mail or nasty e-mail about this"
or
"we have closing set for _____ and will miss it if we do not hear back" (this works REALLY well, particularly if the Supervisor and team leads haev been included on this message, not good if they miss a cloisng date)

if you know who the investor is on the note I would ABSOLUTELY recommend you contact them and keep them in the loop regarding progress, or lack thereof.....

Without knowing the full story, hard to give a great plan of action.....you can contact me off here i fyou want to discuss, [email protected]