Comment

Comment by Donna Quanrud on March 23, 2010 at 12:01pm

WOW - after being told no deal last week "your client is going be foreclosured on" I get a sheepish call from the negotiator saying I think I can make this work without the promissory note if you still have a buyer. Fighting back works - thanks everyone for all your sugggestions which we acted on. We escalated everywhere we could think of. We might just get this one done.

Comment by Kent Dills on March 23, 2010 at 4:43am

Congrats Cindy! Way to go!

Comment by Cindy Jones on March 23, 2010 at 4:23am

Received a Chase approval today. YEA! No deficiency judgement, no promisory note just a clean letter with a 45 day close. Fingers crossed that we make it to closing.

Comment by Kent Dills on March 23, 2010 at 4:16am

1. Yes, send to you and you to Chase.
2. and 3.Transcript filled out by borrower and sent to Chase vs. IRS. Only needed if borrower can't produce copies of Tax Returns.
Good luck on your first short sale.

Comment by Andrea Swiedler on March 23, 2010 at 3:52am

This is my first short sale. I have the property listed. I just purchased and downloaded the package from here, and also the Chase Short Sale package which I understand is for the load remod program but needs to be used for the short sale. I am putting everything together and mailing to the owner.
Question 1:
I am thinking that I want to have him send it back to ME rather than to Chase, that I can send it all on, correct?
Question 2:
There is, in the Chase package, a short form request for individual tax return transcript that allows the tax return to be mailed to Chase directly from the IRS. I assume that I should let the homeowner fill this out and send it to the appropriate IRS address himself, just sending me a copy of this?
3rd question:
Is the tax transcript request mandatory? Is Chase only accepting tax returns from the IRS or will a copy from the homeowner do?
Thank you!

Comment by Ben Benita on March 22, 2010 at 9:06am

you have just not hit hte right person.....when you do, you will hear "just this once".....Find out who the loan was ORIGINALLY with - Chase, WAMU, etc, then go to the executive office?

Comment by Alan Nguyen on March 22, 2010 at 9:04am

Minimum 90 days listing.

I called Chase twice today to postpone a foreclosure sale with a sale contract in place and both said the policy on short sale is minimum of 90 days listing. Is this true? i never heard of this minimum before. Any thought? Thank you

Comment by Ben Benita on March 22, 2010 at 6:50am

Google "Soldiers and Sailors" act and bring that up with the negotiator....

As far as collceting on deficiencies, conversations I have had with higher ups support that they will NOT likely chase homeowners......think of the logistics, hundreds of thousands of persons to puruse and in order to collect, they must take them to court and win a judgment....not a big deal in istelf, BUT, much like someone WOULD sue Mcdonalds and NOT sue a mom and pop burger stand....banks and their attorneys would only go after persons that could repay the monies owed. if they choose to go after someone that does not have the money, it ends up being a ocmplete waste of time and resources.....i would try the Soliders adn Sailors act and they push back a little....if the bank won't budge, and, the Seller wants to move on, have them go ahead with teh short sale.

Comment by Del on March 22, 2010 at 5:58am

Just received a call from our negotiator this morning stating she is ready to submit the file for investor review/approval. However she wants me to remove a clause in our short sale addendum that states that part of the approval process to include the Seller being released from any future liability from all parties with a vested insterest in the forigiven debt. The negotiator states that the investor "may have the right to pursue any deficiencies". My question to the group is does Chase approvals have the same deficiency verbage as with the BofA approvals? Also, keep in mind this loan is a VA loan and that the Seller has been transferred to another base which is why they are in hardship in the first place. The negotiator said she can't submit the file unless we remove that clause. Thanks for any feedback!

Comment by Greg Traub on March 20, 2010 at 4:37am

Unfortunately none of those are options either. This is a tiny sale at 98,000, second note alone is 64K. Seller and contribution from first totals 20% of that....negotiator is sticking to no promissory notes stance, seller has to provide the cash before closing and won't give us anything in writing, and now says they won't release deficiency unless they get paid 50% (Yesterday it was "try and get me 20-25% and I"ll see what I can do"). So even if the buyer's agent and myself get ZERO in commission we still aren't even close to what they're asking for. Plus I simply refuse to allow commissions to go below 5% and won't negotiate on that.
Before it was in the Recovery Dept we had arranged for a promissory actually...but due to first lender dragging feet we lost that buyer and loan became too late to stay with the loss mit dept.
Buyer definitely isn't coming up with almost 20K (20% premium on the sales price) and the property won't even appraise for that anyway. Seller is tapped as well.
Negotiator just called me again a few minutes ago....Layed it out, and she told me the files been denied if we can't come up with anything better. I will wait to tell buyer's a couple days unless I get something in writing from Chase. I hope the negotiator is playing chicken, and that they blink soon, foreclosure date is in a couple weeks, and the seller isn't going to ask to delay it any longer.

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