I received a Verbal Acceptance with Conditions, now they've declined the Short!

I received a phone call from my negotiator at Chase.  After final review, the Investors agreed to $10000 cash PLUS $50,000 promissory note at 0% for 120 months.  One loan, secondary res., purchase money (Calif).  Offer is above market, cash.  We countered at $3,000 cash, no note.  Negotiator calls me again and leaves a voicemail that "seller makes too much money.  We are declining the Short Sale" 

 

Who do I go to?  They agree with conditions, we counter, they change their minds and decide she now doesn't qualify at all. 

 

Who do I contact at Chase?

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Replies to This Discussion

I had the exact same problem with the exact same reason... we went through 5 months of back and forth and then finally had verbal approval then all the sudden our negotiator quit (I guess because he was easy and pleasant to deal with :) ) so we got a new negotiator and deal was off. We escalated to supervisor (a worthless activity) and then using both numbers on this site for executive resolution... and got no where. They wanted to get a significant note signed (the remainder of the full value of the note)... so we offered some cash but declined the note, then they closed the file. Your counter offer is good... no note is 100% the right thing to do. This thing is luck of the draw, you have a few bad negotiators/supervisors in the mix and if you get a bad combo then you're kinda stuck but who knows exec resolution could work it just didn't for me. Keep pushing but deal may fall through. Chase is absolutely awful. They are wasting everyone's time. Don't bank with them or use their credit cards. Go to a credit union instead. Stand firm on what you are doing... The investor of these notes need to start reaching out because Chase isn't doing them any favors. I think Chase cherry picks who they think they can bully into catching up on payments (because that's where they make their cash)... Sorry can't be helpful just know that you aren't the only one in the boat. Good luck.
Molly G said:
I had the exact same problem with the exact same reason... we went through 5 months of back and forth and then finally had verbal approval then all the sudden our negotiator quit (I guess because he was easy and pleasant to deal with :) ) so we got a new negotiator and deal was off. We escalated to supervisor (a worthless activity) and then using both numbers on this site for executive resolution... and got no where. They wanted to get a significant note signed (the remainder of the full value of the note)... so we offered some cash but declined the note, then they closed the file. Your counter offer is good... no note is 100% the right thing to do. This thing is luck of the draw, you have a few bad negotiators/supervisors in the mix and if you get a bad combo then you're kinda stuck but who knows exec resolution could work it just didn't for me. Keep pushing but deal may fall through. Chase is absolutely awful. They are wasting everyone's time. Don't bank with them or use their credit cards. Go to a credit union instead. Stand firm on what you are doing... The investor of these notes need to start reaching out because Chase isn't doing them any favors. I think Chase cherry picks who they think they can bully into catching up on payments (because that's where they make their cash)... Sorry can't be helpful just know that you aren't the only one in the boat. Good luck.
Molly: Thanks. I too went to executive resolution to no avail. They claim they cannot supercede the negotiators decision. I also sent an e-mail to Freddie Mac, the Investor, and they responded with "need an authorization letter" which I got them. Now nothing for 2 days. I am re-opening the file on Monday, figuring as you say that I might get a reasonable negotiator next time. Chase is impossible!!!
Hi Kimberley. Oh ok, very good to know. Please let me know if Freddie ever gets back to you (they are also the investor on mine)... if they do please let me know what happens. Once Chase closed the file (back in June) I called all the numbers I could think of, got shot down... even though they are "here to help"... :) I thought I had done everything possible that was advised through all the comments on this board and didn't want to stir up the hornet's nest any more than I already had. I guess it's possible that anything Chase/Freddie they are turning down? Please let me know what happens.

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