Glendale, California Real Estate | Short Sale Specialist | Short Sales | California Free Loan Modifications: I Escalated the file with Freddie Mac on a Chase Short Sale!
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On November 9, 2010 my in-house short sale negotiator, Patrick Aladadyan, submitted a short sale offer to Chase! The offer was for ALL CASH for $210,000. On December 3rd, I received a call from the assigned negotiator that the "investor" did NOT want to entertain the short sale offer and would proceed to foreclose on the property. I politely said thank you to the negotiator and stated that we would be contacting Freddie Mac to see what they had to say about the file. My negotiator, Patrick Aladadyan, has a handful of contacts @ Freddie Mac that have been helpful in the past and decided to send them an email along w/ the complete short sale offer.
Here's the email that was sent to the contacts @ Freddie Mac on Dec 2, 2010:
"Hello…
I'm currently working on a short sale with Chase; which is a Freddie Mac owned loan, and was notified today that the "Investor" has declined to extend the sale date of 12/13/2010. I currently have a ALL CASH offer to purchase this property for $210,000. This offer will net Freddie Mac, $179,185.44. I've attached a Foreclosure vs. Short Sale Calcutions showing the the benefit of a short sale; which is currently @ 0.74 on the dollar as apposed to 0.68 on the dollor on a Foreclosure. I've also attached the offer of purchase and proof of funds showing the buyer has the funds to purchase the property ALL CASH. Furthermore, I've also attached the online printout verifiying that this note is owned by Freddie Mac along with the HUD reflecting the net to Chase/Freddie Mac. Please let me know if you can assist in this matter…it's a mutually beneficial transaction for everyone involved.
Thank you in advance…!"
Received an email back from our contacts on Dec 3, 2010:
"Thank you. We will reach out to you today to better understand these issues. Let me know what time is good for you. Someone from my team, who works directly with Chase on a daily basis will work with you on this issue."
Received another email correspondence back from our contact on Dec 14, 2010:
"We met with Chase today and your short sale issue is being researched...T., will you be on point to keep Patrick posted this week since our teams work through this issue behind the scenes"
Received Short Sale Approval from Chase on Dec 23, 2010:
Please see attached approval letter w/ the initial fax cover sheet verifying the date of short sale submission to Chase!
Fax Cover Sheet: Di4701101061459.PDF
Chase Short Sale Approval Letter: Di4701101061458.PDF
The point here is that you should "NEVER" give up and think of ways outside the box to get these short sale transaction successfully negotiated and closed!
Thank you...Jennifer Escobar @ Qwest Real Estate
My BLOG: www.Glendale-ShortSales.com
Comment
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Comment by Dee Garcia on February 16, 2011 at 12:50pm
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Hi Jennifer, excellent post! I am having the same issue with one of my short sale files. This one is with Citi (servicer) Freddie Mac (investor). Negotiator has advised that there is no way that she would consider the current offer of $35,000 Cash(or any other for that matter) unless is it's for $30,000 Net. I have told her that this is impossible being that $30,000 is the Market Value. I have sent her comps and even an REO vs. ShortSale spreadsheet. I have even told her that the BPO value is incorrect, but she will not be open to the supporting documentation. With the current offer the Investor's net is $24,000 at REO sale they will net between $10,000 to $15,000 and 6+ months from now. She is doing a huge disservice to Investor by not seeing the real facts. I really need help here. Do you have any contacts at Citi? Can you provide me with the email address for Freddie Mac? You may also email me directly at [email protected] if you do not wish to provide it on the post. Thanks in advance for the help!
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Comment by Neil Blumberg on January 6, 2011 at 12:42pm
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I completely agree with Jennifer! NEVER give up. We follow this practice: Start with standard fax and phone numbers. Give them a reasonable time to respond. If no response or unreasonable response, ask for supervisor. If still no or unreasonable response within a reasonable time, go straight to the top. Make sure you document all contacts with names, numbers, titles and places of people (which call Center - where was the person). Most large companies have a Presidential Hotline for handling complaints. Chase does. Metro1 has an extensive list of phone numbers and emails of the Presidents, Vice Presidents and top decision makers of many, many mortgage companies (3,000 lines of spread sheet). In one case we even reached out to the press agent when we were stone walled by an exec and couldn't reach the others urgently. In another case we phoned the President of a sister company. Never, never give up, go high, and go with excellent documentation. Going to the Investor is the ultimate solution, but carries with it some danger if used too quickly. Great advice from Jennifer.
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