Extension beyond 45 days from orig approval

Have a SS where Chase holds the 1st Greentree holds the 2TD. Chase gave me approval very prompty... but only gave me a week to close it.  At that time I was not even assigned on GT. I have been able to get extension to the 45 day mark (2 extensions). But can not get my negotiator to budge beyond that (Courtney M). Has anyone been able to get an extension beyond 45 days? She says they close files and you have to start over??? Anyone have a good contact in Upper management? GT is submitted to management (4 weeks ago but holidays killed me).. I have calls into the head of LM at Greentree to put some pressure on.

HELP!

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Replies to This Discussion

Permalink Reply by Steve Early on January 5, 2011 at 9:59am

Hi Stephanie:

 

What you start running into with Chase (or any other lender) is the fact that their valuations are only good for 90 days.  This makes them not want to give additional extensions because if you start to approach the 90-day mark the BPO and valuations need to be done over again anyway. Which means, unfortunately, you are starting over again. 

 

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on January 5, 2011 at 10:00am

For 2011, I have heard from many of the big servicers that no extensions are being granted except to close within a couple of days.  Unless you are VERY close to closing, it is unlikely you will get an extension.  2011 is the year they are going to get rid of all the toxic assets - either through foreclosure or immediate short sale.

 

Having been doing only Short Sales for 5 years now, it's about time !

 

Best of luck,


Thom Colby

Broker

Newport Beach CA

Permalink Reply by Steve Early on January 5, 2011 at 10:15am
As to Thom's comment .... I've been hearing the same thing.
Permalink Reply by Stephanie Hart CA 310-930-2342 on January 5, 2011 at 10:41am
Oh man that is awful. I am truly surprised I got to 45 days out. I have never needed anything beyond 30. But they got me approval within 30 days and GT is AWFUL!.  BOFA will do a new BPO but keep you in the system. But I have never needed beyond 30 with them either. Thanks for the info. I guess I will kick some GT butt in the next 2 weeks and see if I can make it happen.

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