Have HAFA Approval -- How do we get the 2nd to release?
I have been working on a HAFA Short Sale with BoA for months. We've had multiple offers and many things have happened over this span of time to prevent us from getting it done. I won't go into all of the gory details, but let's just say it's been painful and at this point, both the buyer and seller are about through.
Currently I have a HAFA Approval Letter from BoA and Chase has agreed to release the 2nd for the $6000 stated in the approval letter, sounds good. But here's the deal breaker, Chase is also requesting a BoA signed RASS letter or ARASS letter, otherwise known as form letters 184 or 185.
BoA says they never provide any document with a signature until after closing, Chase is saying they always get RASS letters signed by BoA prior to release/closing. I am already working with an escalation manager at BoA who has performed several miracles, but even she doesn't seem to know what to do with this one.
Anyone have a similar experience???? There have to be lots of other agents out there working with both BoA and Chase.
We must get this closed this month before the HAFA approval expires. Ideas?????
Replies to This Discussion
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Permalink Reply by Eric Mieles on
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Typically you just send Chase the ARASS letter. That usually is all they want signed by the homeowner and the numbers filled in.
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Permalink Reply by tonda hoagland on
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I have a RASS page filled out and signed by the homeowner, but Chase is saying they need all 6 pages with the BoA signature. BoA doesn't sign anything.
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Permalink Reply by Beverly Cibulsky on -
Interesting! I have/Had a HAFA approval with chase (SSA) stated 3k, up to 6k to second, and a list price! Closing Cost to Seller not to exceed 11% including real estate commission up to 6%, so this leaves 5% for title, doc stamps, etc and property taxes that are now at the max because they are due! Submitted offer and and docs for the RASSand was denied was 9K short of the net???? So had to go to ARASS?? Same Lender first and second! We really need some HAFA tricks her! Of course this a paper chase...
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Eric,
Have you seen ARASS letters with first lienholder signature pages? I have an ARASS letter from BoA with the homeowners signature, but Chase is saying there is a bank signature page that must be included. (It will have some type of electronic approval signature). I've attached my ARASS letter and the sample letter Chase sent me.
Thanks!
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Tonda, you also sent in your approval letter?
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Yes. Chase has a copy of the HAFA Approval Letter from BoA, but they also want the RASS or ARASS (also know as forms 184/185) signed by BoA.
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Permalink Reply by Teresa Simon on
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So is Chase actually sold to Ascension Capital? You need to know whose tail you have hold of... See if it is Ascension Capital handling it.
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ACG was just a third party handling some of Chase's files. I was told that "old" files that ACG hadn't been able to get resolved were being returned to Chase. Now Chase has our file and we still can't get it resolved.
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Permalink Reply by Teresa Simon on
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I really doubt that Chase has your file. Reasearch Ascension Capital Group. It's possible - but I REALLY wouldn't count on Chase actually having the file. And I had the 184/185 issue. At the end I was told by the first - negotiator the form had to be filled ouit by the legal department of the first mortgage. Try to get it directly to the legal department and get an see - if you can get a direct answer as to why they aren't willing to fill it out if that is the case. You probably won't get a response. Good luck and research Ascension Capital Group (ASG).
Teresa
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