I'm disgusted with what Chase just told me.
I have a short sale in progress with Chase. We have a valuation dispute as their value came in at $160,000 and it's listed at $119,000 with two walk throughs. We did get ONE offer, which of course is lower than $119,000. We submitted three supporting comps, but so far, no good news.
Last week the negotiator told me the homeowner was eligible for HAFA and stated if they wanted to continue with the "traditional" sale, she needed something in writing. I contacted the homeowner and we had a big PROS CONS discussion regarding HAFA program. THE two biggest issues were 1) were they really eligible as they had called previously and were told they werent and 2) how the current $160,000 valuation would impact them for HAFA if they barely got an offer at $119,000?
I called Chase and spoke with the Short sale department. The guy told me if we switched to HAFA they'd want MORE than the $160,000?!?!?! He said they usually want MORE than the valuation price. He then went on to futher say HAFA is really only to buy the homeowner 120 days before they take the property. REALLY????? SERIOUSLY??!?!?!? He then went on to say that no matter what, Chase will retain it's deficiency rights in a traditional sale unless the homeowner comes to the table with $$$.
What's the point here? If we go HAFA we might as well let the foreclosure take place, as we can't get $170,000 for the property, but if we go traditional and they actually accept...then the homeowner has to face dealing with a deficiency at some point. They are my new favorite WORST lender.
Replies to This Discussion
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Permalink Reply by Tni LeBlanc (805) 878-9879 on
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Welcome to my world. I know some out there hate BofA with a vengeance.
However, CHASE will always be number one on my most hated list.
Where did this guy get off actually telling you the truth? LOL.
I have a CHASE HAFA file and they actually admitted to me that the HAFA price was deliberately inflated 20% over the BPO. And they are being paid to particiapte in HAFA. Where is the government oversight?
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Permalink Reply by Richard Zaretsky on
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That is not what HAFA rules say. But you may qualify for HAFA and the lender DOES NOT HAVE TO put it through HAFA. So maybe that is what he was trying to communicate in the negotiator's own way?
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Permalink Reply by Smitty on
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No. The biggest point is they valued it at $160,000 and told me that they'd want an offer at $170,000. It's listed right now at $119,900 with TWO showings .. THAT'S IT! We'll be lucky if we get $100,000 for it.
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Permalink Reply by berry.bowen on
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I am having a Chase nightmare right now! appraisal came back at 115k... chase bpo says its worth 249k
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Hafa gives you 120 days to sell the house and then they can TAKE the house via deed in lieu. It doesn't mean they will, it means they CAN.
According to the guy I spoke with, he said he only buys the homeowner time before they take it...if you read between the lines, that's why the BPO's are all sky high.
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Yeah, except that if there are other liens on the property, they usually won't accept a deed in lieu, right? I'm working on one where both first and second mortgages are with Chase... They offered the seller 20k to do the short sale... so if they aren't planning on doing anything, what is the point? It's crazy....
Smitty said:
Hafa gives you 120 days to sell the house and then they can TAKE the house via deed in lieu. It doesn't mean they will, it means they CAN.
According to the guy I spoke with, he said he only buys the homeowner time before they take it...if you read between the lines, that's why the BPO's are all sky high.
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