Client has a 1st with SPS ($240k original balance) and a 2nd with Chase ($60k original balance). The first approved a short sale for $180k which is the BPO valuation. There were 2 BPOs done and the…Continue
"Chase Home Mortgage charged off second mortgages are the worst. I hope you go this resolved. SPS servicing division definitely tends to be easier completing an Select Portfolio Short Sale than dealing with a Chase Bank Sale. "
"I was curious if anyone got this issue resolved. I left off sending all the info Fannie Guidelines, "expired" approval letter with $6k, etc. and a cover letter that the second was instrumenting a foreclosure. The short sale cannot happen…"
Situations like this are very sticky and sensitive. At times going into the grey zone is the only way you can get the transaction done in this particular situation.
Chase recovery does push people up…"
"I am having same issue with a chase charge off. Freddie Mac won't allow more than 6k. Chase wants 18k. They said I can prepay the difference and there is no guarantee that it will be refunded if the deal doesn't close.…"
"same thing.. I have a 2nd with chase (1st was sold to sps) that they have no clue where is that loan at. Amazing!
They said it has been discharged, but then is not there, and back and forth!
For a month.
I dont know what to do."
"As Chase Turns continues... Now I am being told that GMLA (recovery) is handling it but the lady at Chase said she had no idea who that was or how I could contact them because they can't even call them. Anyone heard of this???"
"Fannie won't allow contributions to show on the Est. HUD to subordinate lien holders. At times, parties will need to step into the grey zone in order to get this done. How much is owed to the 2nd and who is the debt being serviced by? You…"
"I am having the similar situation, however with another servicer, (servicing both) 2nd is in recovery department,
First Fannie offered $6k, Second counter wants $20k, pointed out Requested an Override that first was Fannie that the max!…"
"I have the exact same situation.
2 liens with Chase, 1st transferred to SPS and 2nd (I was informed today) has been charged off. they are close now, sO I will call them on Monday.
I will keep you updated.
HAFA requested to SPS as well.
"You may want to request from the 1st that they review a payoff towards the 2nd. The reason for this is that the 2nd lien is charged off and if they do settle for less, you likely will need assistance from the 1st lien in order to potentially make…"
"You are correct, the first did not allocate any funds to the second. I know that it is strange that they are asking for the full payoff and I can't get an explanation as to why. There is NO equity in this property. The first is taking a $65k…"
"Sounds like there is information missing. Why would the 2nd be requesting a full pay off? Do they feel there is equity? Also, the transaction needs to be restructured likely as it seems the 1st did not approve any funds towards the 2nd lien?"
"They were both with Chase at one time but the 1st was sold to SPS at the beginning of me getting this file. Chase was not named in the 1st foreclosure anywhere. The second was charged off and for the first 30 days I was dealing with the lien release…"
I have been in residential real estate sales, in the Tulsa market, since 1993. I began listing and selling short sales in 2007 and have worked with many different lenders. I also have 10 years experience as a mortgage loan officer as well as 14 years as a real estate educator.
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