Comment

Comment by Aida Rodriguez on October 19, 2012 at 7:27am

I have had a few sellers close under this program.  Janie is correct in that typically (from what I am seeing) they are loans which either were transferred several times from investor to investor in bulk deals or where Chase is concerned as to their ownership of the property, etc.  I have also seen loans in which the applications were questionable or loans where the client is adamant that they were lied to as far as the terms of their mortgage or their application was changed prior to closing by the loan officer.  I am not Chase, I can only speak from my experience. My co-listing agent was a manager for the loss mitigation department at Chase for quite some time. From my conversations with her and with other Chase executives, they are "pre-picked" loans that propose a "high-risk" to Chase.  One thing I have noticed is that they are all Chase owned loans (no Fannie Mae, Freddie Mac, etc. - Chase is backing the funds).  Also, they seem to use a different trustee for these transactions than they would for their standard foreclosures (the firm in Arizona is Routh, Castle, Cooper Olsen).  The trustee performs an extensive audit simultaneously with any workout option in regards to chain of title.  I had a deal where the owner was pre-qualified for a $20,000 incentive but Chase took it away a week before closing because "their audit was complete and they had the documentation they were waiting for to foreclose on the property" - I'll let you try to decode the meaning of that.  It's something I make my sellers aware of, but they are so happy at the thought of receiving an incentive this high that they always say they don't care what's going on "behind the scenes".  Most reps at Chase do not even know how these loans are picked. The homeowner would be sent a letter from their lender if they qualify. 

Comment by Janie Booth on October 19, 2012 at 7:06am

Jeremy, I've heard that they are giving the big incentives to the borrowers who had the most sketchy original loan apps. Don't know if that is true or not, but would make sense if they are trying to get rid of loans that had sloppy work on the front end. Probably no way to tell if your client is qualified for it unless they are notified directly from the bank. 

Comment by Jeremy Eide on October 19, 2012 at 6:41am

anyone have any insight on how they determine what sellers qualify and who doesnt qualify for the 30K incentive.  from what chase is saying, it's a luck of the draw...  doesnt sound right to me..

 

Comment by Sharon L. Ellsworth on October 7, 2012 at 5:46am

The only reason I haven't moved on is because another agent in my office has a buyer and has put a contract in writing.   Seller is checking with the bank one last time on Monday and if they refuse, it will be done.  Just thought maybe someone else had success with this situation!  Thanks

Comment by Catherine Myers on October 7, 2012 at 5:21am

I sure would agree with Thom. If they are asking for docs, they aren't going to approve it without docs. Perhaps she should consult an attorney in your state to assure herself of whatever fear of recourse she has. In CA it wouldn't be an issue.  And it doesn't make sense she has no proof of it ending, she must have had an award letter of some type to show how many payments , the full amount paid over how many years, or whatever.  I would move on.  If she doesn't care if it forecloses, then it's time. We can't care more about the outcome than the client :)

Comment by Thom Colby CA Brkr 888-391-5245 on October 7, 2012 at 5:03am

@Sharon - How much of your time has this seller already wasted - and - how much more of your time are you going to allow them to waste?  It's time to move on and find another property to list and CLOSE !

Comment by Sharon L. Ellsworth on October 7, 2012 at 4:52am

This is Wells Fargo and the client has talked to them and told them that she is not provding any info that could cause them to try to come after her for repayment.  They said she could verbally communicate her income and expenses and they would immediately tell her if she qualified for short sale.  She did that and they said she qualified.  Then sent her to a different department that said they needed all of the documentation, tax returns, bank statements.  She told them that they do'nt show the diminished income yet, but she was trying to be proactive and save herself.  They insist on the papers.  She is afraid to provide them.  So she is going to let them forclose.  She has vacated and moved to another state.

 

Comment by Aida Rodriguez on October 6, 2012 at 5:49pm

Hi Sharon - A majority of the short sales that I have completed for with Chase over the last 6-8 months were "no-doc" short sales (in other words, they didn't ask for paystubs, bank statements, etc).  The only exception to this that I have experienced is on VA loans.  We just got a file approved with Chase with no documents in about 25 days with the seller receiving a $30,000 incentive at closing. Again, aside from having to provide a "financial Statement detailing their income and expenses" there was no requests for actual stubs or bank statements.

Comment by Sharon L. Ellsworth on October 6, 2012 at 1:08pm

Not sure what it was from, but that is what she is telling me..has ended forever.

Comment by Thom Colby CA Brkr 888-391-5245 on October 6, 2012 at 10:29am

Sharon - Ok, I'll admit it - I'm confused.  Was your client receiving Retirement Income and now it has ended "forever" for some reason (I've never heard of retirement  income ending unless it was a survivor benefit for a specific period - and in that case, there's your hardship !)

• ‹ Previous
• 1
• …
• 37
• 38
• 39
• 40
• 41
• …
• 164
• Next ›
• Page