Comment

Comment by DanaVoelzke on January 20, 2010 at 4:49pm

On my latest Chase short sale they are requesting very detailed attorney bills and disputing some of the charges. Most Chase files seem to have some random special request which seems to hold up the entire process.

Comment by Katerina Gasset on January 20, 2010 at 4:02pm

Pam- We don't have issues with Chase. But the WAMU originated loans can be a real pain. Chase has not switched everything over from WAMU systems in the short sale side of things, they are Chase and all that,but under different management. They are also in different states so it is tough to get the WAMU side of things going.
You need to be very proactive about your elderly client with Cancer. Of course, Wells can not get an answer in 72 hours. That is why you always need to go to the seconds before you do your HUD1 to see what they are willing to take. That goes on the HUD, then go from there in the negotiating with the 1st.
You should always put at least 10% on the second payoff.
It all depends on who the note owner is on this loan from WAMU/Chase.
Because once you know that- you will know how to negotiate based on that investor's guidelines or estimate thereof.:)

Comment by Pam Jank on January 20, 2010 at 12:09pm

Short Sale w/WAMU now CHASE as $180K 1st and Wells Fargo $70K 2nd & $50K 3rd pvt party. - Started with WAMU while still WAMU. (New foreclosure date is FEB 12, 2010). I turned in entire package with NOTHING missing. The only way I even knew they received the package and were working on it was, a broker called to do an interior BPO.

After 30 days, CHASE finally has Negotiator call and a direct FAX#. (NO phone number.... Just a FAX. I have no PHONE contact).

When our CHASE negotiator finally called, I was verbally told I had to get WELLS FARGO to accept $3000 (we had $5K on the Prelim) and had to get it in writing within 72 hours! They sat on it for 3 months and want WELLS to commit within 72 hours. WELLS says they can't guarantee an answer in 72hrs and want something from CHASE first.
Basically, CHASE has told me “If I can PROVE I can walk on water.... they might buy me a boat!

As of last night... the Buyer has decided this is going nowhere and has walked.

NOW I have a new offer. It's fully packaged (the same way I did it on the 1st offer we had) and currently faxing it to the Direct Fax# I was given for the Negotiator we finally received for the 1st offer.

New Foreclosure date is FEB 12th - PLUS my Seller is 77 years old w/CANCER. So I really do need to know if they are going to look at the new offer and how fast.

Anyone have any similar experience with WAMU/CHASE? Any suggestions/help for me?
Thanks…

Comment by Tammy Davis on January 20, 2010 at 9:06am

I am getting ready to list a property as a short sale with a Chase 1st and 2nd (home equity loan). I submitted my authorization last week and spoke with them today about their short sales requirements and turnaround time.
They said to expect 3 to 6 months for approval??!!?? This is on the first, the home equity loss mitigation department said to expect 30-60 days.
This is my first short sale with them....is this the correct timeframe????
I guess I am spoiled, my last shortsale was with Wells Fargo and I had approval within a week.
Any suggestions from anyone on what I can do to expedite the process when I have a buyer in contract?
My seller is not behind in his payments and doesn't intend to be...he wants to save his nearly perfect credit score as much as possible.
If anyone has any suggestions...I appreciate the help ~~

Comment by Mori Langshaw Sr on January 6, 2010 at 6:15am

I would like the info if possible. I am doing one with Chase now and the negotiator was strictly policy until I got "nestor" on her (Is Wendy around?). Now she is blaming everything on Freddie, so now Im stuck. What do I say except "Liar Liar Pants on Fire." Now I HAVE to go to Freddie. The foreclosure date is Jan 12th. My email is [email protected]. Thanks all.

Comment by Laurel Starks on January 6, 2010 at 6:03am

FYI - If anyone else needs the contact to Freddie if you need to pull something out of the fire at the 11th hour, just post here and Katerina or I will give it to you......we just don't want "anybody" using it and abusing it, so we took the info down. But, we're here for ya if you need us, fellow troops!

Comment by Katerina Gasset on January 6, 2010 at 5:59am

OK, I just deleted the contact info.
Funny, though it may be that she has to get all this stuff!

Comment by Laurel Starks on January 6, 2010 at 5:55am

Katerina - Thank you! This was the person my attorney colleague gave me - I already emailed her yesterday! Funny, we've got the same contact! If you want to delete you post, go ahead.......I've got the information. Hate to burn through a resource!

Comment by Katerina Gasset on January 6, 2010 at 5:49am

Hey guys, please don't use this info if you don't have to. Only if the house is coming up to sale date of foreclosure or else they will just change her phone numbers if you slam her box full of voice mail. If she does not answer keep calling, don't leave messages. Ask for her superiors.

Comment by Laurel Starks on January 6, 2010 at 5:44am

Alisa - Your email caused me to laugh! They want their form, but they won't let you have one so that you can submit. O.M.G. Is it just me, or does anyone else feel like they are living in the Twilight Zone?

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