Comment

Comment by Susan Milner, SFR, CDPE, GRI on January 11, 2011 at 3:02pm

Thanks Steve. They are already making a cash contribution at closing. I'll be calling Chase tomorrow to see what I can get them to do. The letter doesn't state they  ARE going to seek the deficiency but it doesn't say that they are NOT.

Comment by Steve Early on January 11, 2011 at 2:42pm

Susan:

They might be able to get Chase to give them full debt forgiveness ... for a price. Would they be willing to make a cash offer at closing? If they're tapped out, they will probably have to take what they were offered.

Comment by Susan Milner, SFR, CDPE, GRI on January 11, 2011 at 1:25pm

Thanks Wendy! I told them to have their attorney review the letter and send me EXACTLY what they would like removed or added. I just don't feel confident in getting Chase to change it.

Comment by Wendy Rulnick on January 11, 2011 at 1:21pm

Susan - I believe Chase only has TWO VERSIONS of their approval letter.  One specifically states there is a deficiency, the other says "settled".  I know it's not too comforting.... have them get attorney ok.

Comment by Susan Milner, SFR, CDPE, GRI on January 11, 2011 at 1:17pm

Help! We just got a short sale approved for a seller and they are not happy with the verbiage in the letter - they are afraid Chase will come after them for the deficiency. Anyone have experience getting them to change the wording? I haven't had luck with other lenders lately....just hoping someone has been able to accomplish this.

 

Thanks!!!

Comment by Stephanie Hart CA 310-930-2342 on January 11, 2011 at 4:57am

@ Sue... Usually with sn approval letter the listing agent will also get a separate letter with a list of approved fees. I don't always frovide that to the selling agents. So I would 1st ask the listing agent if that 10k is on the approved fees. Just because the agent submitted the 10k in the HUD does not mean it was approved. I should have been more clear in my explanation. If the 10k is not on the list then it was not approved and will most likely not be. By me saying resubmit the HUD, I meant enail the LM a new revised HUD for him to review. I know the negotiator I have right now with Chase asked me to do that with a small change and then she said she would resubmit to investor if necessary. Small fees changing are not USUALLY a big deal. 10k I would want to see in the list of approved fees. Hope it works out... I had a 10k buyer payment to the 2nd cause a prob at close and will always over clarify rather than under with my LM.

Comment by Sue Fitzhugh on January 11, 2011 at 4:34am

@ Stephanie, Thanks for the insight.  When you say "if it's not listed in the fees it will be rejected", do you mean listed on the HUD-1 that was submitted for approval? Since the listing agent already got approval, I don't think she's going to want to resubmit and ask a second time.  What do you think if I suggest to her that she instead emails the Chase processor now the draft HUD as follow up to their phone conversation and the new approval letter? That way she wouldn't be asking a second time for something that was already approved just providing the new HUD that she agreed to during the phone call. I don't want to open a can of worms but don't want to get bit at the end either.

Comment by Stephanie Hart CA 310-930-2342 on January 10, 2011 at 2:20pm

If the 10k is listed in approved costs you should be ok. However I learned the hard way to ALWAYS resubmit HUDS with any changes. Verbally telling a LM something is different than them seeing it in front of them. If it is not listed in fees it will be rejected or have to be paid by: guess who;)
You don't want to get 3 days out and hit a prob. Resubmit!

Comment by Sue Fitzhugh on January 10, 2011 at 1:59pm

I'm the buyers' agent on a Chase short sale (1st and 2nd both with Chase).  The short sale had been approved on the 15th of December but because the listing agent was slow notifying us and then we suddenly had to negotiate a rentback that we hadn't expected, we needed to delay the settlement a couple weeks and are also asking for $10k seller subsidy.  The listing agent had enough "slack" in the original HUD-1 that she could add the $10k subsidy without changing the bottom line.  She called the Chase processor and asked for the extension and listed some new fees (including the $10k) and the only thing that the Chase person said was that they wouldn't pay a short sale processing fee then sent a new approval letter that's exactly like the first except for the new settlement date.  Since this was all done by phone, I'm a bit nervous that they could come back and disapprove the $10k when they get the final HUD 2 days before settlement.  Has anyone had an approval modified by a phone call?

 

Thanks,

-Sue

Comment by Stephanie Hart CA 310-930-2342 on January 10, 2011 at 10:37am

Kevin that is really funny... horrible but hilarious!  That made me laugh out loud as well.

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