Replies to This Discussion

Permalink Reply by Suzanne Kensington on March 28, 2011 at 8:04am

I have done a lot of short sales with Chase.  They are very difficult to deal with.  Make sure you document all of your conversations.  I just started taping my phone calls with them. This is legal to do in AZ.  I use the "F" word when it gets to that point.  "Fraud" - I tell them there is Fraud in the BPO.  I provide them with good solid comps that dispute the BPO.  I have even gone around their backs and directly to an executive at the investor - such as Freddiemac.  Chase also has an Executive Home Lending department which is supposed to get involved when you are having problems like this.  The first line agents there are dumb as a box of rocks, but if you can get a supervisor on the phone you can get some help - as long as your transaction make sense.

Permalink Reply by Tni LeBlanc (805) 878-9879 on March 28, 2011 at 8:18am

Thanks for the tips, Suzanne.  I am in the process of trying to find out who the investor is right now and contacted the executive department already.  I submitted another BPO challenge yesterday but I'm not optimistic.  I was going to pay for an appraisal because the borrower is unemployed and has no funds to do so.  But, now I don't think it is a good gamble with mortgage insurance on the file -- I think this is intentional and completely disingenuous on their part.  I wish they had just sent over a letter on day one saying "we don't want the short sale on this file,"  I could respect that.  Hopefully, the executive department will do something.