Comment

Comment by Dean E Eshelman, CPA, CDPE, IRES on July 25, 2013 at 2:58pm

@ joe beacuchamp. Yes Chase investor and servicer. We have the Chase approval letter with the incentive and the net requirement. We are at the end, just trying to get a final HUD approval to close tomorrow. Maybe??

Comment by Dean E Eshelman, CPA, CDPE, IRES on July 25, 2013 at 2:49pm

@ joe beauchamp. Ok so the bank will be short of there required net by 284.10 and we will have to extend as we will not close tomorrow and that could add up to another 47.79 in real estate taxes to the shortage. Small change, but have seen servicers reject for less. So will will submit showing the shortage. PS - We did a QWR  3/25/12 -- seller claims no response.

Comment by joe beauchamp on July 25, 2013 at 2:41pm

Dean, usually, seller incentive (less parts used for bills like water, if investor says so), goes around line 508 as seller incentive. So, you have Chase as both the servicer AND the investor? I believe the big seller incentives are to get rid of the mortgage before the seller wises up and looks into what things the bank has done and should not have. But I could be wrong, Chase could be happy to just give away lots of money..??

Not sure where you are - asking about where to put incentive is a question after approval and the closing officer should be happy to tell you where and with what wording, but to ask about too low a net - other stuff would seem unimportant. Just submit it. Expect rejection, get your value dispute together - at least 3 sold comps, make the information clear to a 3rd grader - these people are busy and have no tolerance for having to think in your behalf. Since Chase threw in the $20K, my guess is that if the net is off by less than $20K, they are prepared to eat it - they came up with this, not you.

If things are going south and you have the gumption to stick with this, if you want to follow the path of assuming they did illegal stuff, Send them a QWR certified w/sig receipt, copy the FTC and CFPB - they have 60 days to respond. They will not be pushovers, so having someone in your corner who knows about these is more than a little helpful (I have 2 going on at the moment).

Comment by Dean E Eshelman, CPA, CDPE, IRES on July 25, 2013 at 2:01pm

Chase short sale, chase investor. $20,000 incentive to sellers. What line do we put the incentive on. Title company just let it flow as net due to seller 19,715.90 (20,000 less amount short to meet bank net) Short of 20,000 due to water bill of 204.70. and closing costs. So basically even if we eliminate the water bill the banks net can not be met. --- so now what?

Comment by Amy Martin on July 21, 2013 at 5:37pm

Thanks Dean and Michael. I am at a borderline. Maybe it will depend on when Chase will give me their approval and closing date. My payoff on the 1st for $335K is good until July 29 and then per diem of $19.00 per day plus late penalty. the 1st net right now is $340K.

Comment by Dean E Eshelman, CPA, CDPE, IRES on July 21, 2013 at 2:30pm

@amy When you do a prelimary HUD-1 after all allowable expenses, real estate commissions etc, is the first short or not? Have you got a payoff amount from Chase so you know the 335 is accurate (ie no foreclosure  fees, late payment penalties, past due interest and escrow for taxes and ins etc). So it could be that the first really is short.

Comment by David A. Roebuck on July 21, 2013 at 2:24pm

Jeff -- what if investor on Brad's situation is Fannie?

Comment by michael j blue on July 21, 2013 at 2:21pm

@amy, the 1st is not short. Only 2nd is short, this is pretty basic.

Comment by Dean E Eshelman, CPA, CDPE, IRES on July 21, 2013 at 2:18pm

@amy Yes. Doing one with Chase now. first was 285, offer 290, Second non-chase 61. Closing this week.

Comment by Amy Martin on July 21, 2013 at 12:06pm

Chase short sale 1st and 2nd. Amount owed on 1st is $335K and 2nd owe $80K. Offer price is $375K. Will 1st agree to do a short sale?

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