Chase will not release information on my short sales?
I currently have 12 Chase short sale files I am working on most of which are in my Equator system - I have 2 files that in the past 2 weeks I have been told that our Authorization is on file, that all the documents are in the file and that the file will not be initiated into our Equator system. 1 of the files was in Equator (we lost buyer) and then it was removed and they would not reinitiate when we had a new buyer - I am being told that I cannot be given any information on the file - also I am being told that even if the seller calls they will not be given information on the file. Once I am told that everything is in the file for review I am stonewalled? Has anyone had this happen on any of their Chase files - One is a Freddie Mac Investor owned loan and the other is neither Fannie or Freddie - I am at a loss as to why no one will give me an update and why the file is not being worked in Equator? I am simply told that someone will reach out to our office with an update and then no one does?
Replies to This Discussion
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Permalink Reply by Ben Benita on
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Sounds like you just need to be a TOTAL PAIN IN THE ________(there is a right way and a wrong way to do that of course).
If you email me off here, [email protected], I can give you some of our contacts.
Most likely you just need to reach one of the higher ups, or have the Seller call in directly to jump start the file (they HAVE to speak with the Seller, even if they filed for bankruptcy).
Too much to get into here, but all is not lost, don't give up on your Seller (or your paycheck)!!!
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Permalink Reply by SE Davis on
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Monique;
A foreclosure in Florida is a legal action and "can" cause communication suspension with some lenders short sale departments.
I believe the lender SS rep may be avoiding their responsibility on the file in most of these cases just being lazy or it may be an edict from the files specific investor. If the sellers foreclosure attorney made strong legal capacity arguments or made those type written motions in foreclosure court would be reason for the lender and investor to tread carefully and slowly.
You may try to call the lenders foreclosure attorney direct, send them your TPA and try to complete the short sale approval directly through their office. Or get them to refer it back to Chase for approval.
GOOD LUCK!
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Permalink Reply by Monique Boucher on
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Excellent advice - in all the years I have been doing this I have never had to go that route - but makes sense and so I will do as you suggested! Thanks so much!
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Permalink Reply by Kevin - Greenville, SC on
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Servicer shall communicate, at the written request of the borrower, with the borrower’s authorized representatives, including housing counselors. Servicer shall communicate with representatives from state attorneys general and financial regulatory agencies acting upon a written complaint filed by the borrower and forwarded by the state attorney general or financial regulatory agency to Servicer. When responding to the borrower regarding such complaint, Servicer shall include the applicable state attorney general on all correspondence with the borrower regarding such complaint.
https://www.mortgageoversight.com/wp-content/uploads/2013/04/Servicing-Standards-Spreadsheet.xlsx
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