Comment

Comment by Wendy Smith on June 1, 2012 at 10:12am

Sameer - the awful suicide stories I've heard are not the run-of-the-mill short sales.  I don't think there have been 1000s of suicides over short sales but ANY suicide is a tragedy.  Truthfully, I find an easy 50% of my sellers have not made payments for a year, or 2 sometimes 3 years.  That is plenty of time to find resolution.  I've also seen sellers that don't do anything until the foreclosure papers have been filed.  Suicide is the exception, not the norm.  I would rather work with Chase than many of the other servicers.

Comment by Jan Sanderlin on June 1, 2012 at 10:00am

@ Thom...Glad to hear about your success with Chase...I have had more success than not with Chase and their negotiators.  @ Sameer, I have been following your comments and you seem to be a glass is half full kinda guy.  You can choose to continue to be part of the problem or better yet...choose to be open to the solution...There are greater laws at work here... your attitude  creates a self fulfilling prophesy of negativity...Maybe being open to a more positive outlook can assist with creating a more positive outcome...And as the old saying goes...If you can't stand the heat, then it is time to leave the kitchen...

Comment by Sameer Punjani on June 1, 2012 at 3:21am

@Thom and @Chase if you monitor these forums.

Its a real shame it takes someone who only has a few weeks to live to close a short sale this fast. What about the thousands that took their own lives because of the stress caused by these mortgages and the typical chase short sale process that takes to complete, assuming it gets done? Should be a question on the package, "Have you had thoughts of suicide because of this mortgage and want a quick answer to your short sale" yes or no.

Comment by Sheila Vardakis on June 1, 2012 at 1:24am

Thom, thanks for sharing that great story.  It shows banks have heart in these matters. 

Comment by Stephanie Hart CA 310-930-2342 on May 31, 2012 at 9:10am

Thom that is fantastic!!!!

Comment by Thom Colby CA Brkr 888-391-5245 on May 31, 2012 at 9:05am

 

I want to give HUGE a Thumbs-Up to the folks at Chase........

I have a seller who has terminal cancer with a projected very short life span. 21 days start to finish on this one.

5/9  Authorization and Short sale package submitted

5/21 Call from List Assist Group

5/24 Negotiator Assigned

5/25 NEW Negotiator Assigned - and rec'd ARASS

5/29 Package submitted for approval to investors on both liens

5/30 Both liens - Short Sale Approved

We will close next week.

The folks at Chase were overly helpful with this situation.  They understood the borrower has limited time and wants to do what he can for his family before he passes away.  They were sensitive, communicative, and extremely helpful.

Comment by Jim Stewart on May 30, 2012 at 5:59am

My seller got a letter saying they are denied for FNMA HAFA because Chase says she was one day late getting signed HAFA request form to them.  Any thoughts on getting around this, if true?

Comment by Catherine Myers on May 26, 2012 at 6:51pm

Julia, by incentive you mean a 30 or 40k incentive? If so, why wouldn't the seller just pay that HOA lien off then?  Sometimes the HOA will make a deal and allow a lesser amount to be paid, but it is often the bank won't allow others to pay as they want any excess monies not approved in the short sale approval.  The seller incentive in my experience can be used to pay off HOA or other liens.  The reason that most banks won't pay much to an HOA (in CA at least) is that in a foreclosure they do not need to pay the HOA , so they think "why" in a short sale?  Their math shows them it may be worth foreclosing vs. losing 10k on an HOA lien they can wipe out in foreclosure. 

Comment by Catherine Myers on May 26, 2012 at 6:47pm

I've had success (in California) with the escrow companies allowing deals to close with outstanding HOA liens.  Everyone has to sign off that there is a matter unresolved and seller certainly needs to understand and acknowledge this will become a debt to them. An unsecured debt, but they need to understand that in either a foreclosure or a short sale an HOA lien does not go away for that seller. It may be wiped in a foreclosure meaning the bank doesn't have to pay it off like they do property tax, etc. but it is still out there, unresolved and most go like gangbusters after the sellers after the fact in endless collections.  

Comment by Arthur Chatroo on May 26, 2012 at 7:44am

Larry - While a foreclosure wipes out junior liens, a short sale does not.  So in a short sale, the HOA lien still needs to be dealt with.

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