Replies to This Discussion

Permalink Reply by Victoria Frieberg on November 29, 2011 at 5:55am

i would call Exec. resolution, tell them that your negotiator has not responded and you do not want to speak to him again, that you need a supervisor, or someone from their office to stay on the line, as he/she is not reacting to any attempts to contact.  good luck!  just had the same run around with chase.  Also, Twitter has been finding a rather startling response rate if you can find their contact and send a tweet for help!

Permalink Reply by Thom Colby CA Brkr 888-391-5245 on November 29, 2011 at 6:08am

Dan,

 

6 weeks is just the "beginning".  How could anyone agree to a closing date of 12/27 without an approval already in place for that contract?  I would suggest moving the closing date via Addendum to a more realistic time but make it "on or before X date" so you can close earlier if necessary - I suspect you will need to make it at least mid-February.  The pressure to close is the Purchase Agreement closing date, not the negotiator getting an answer from the investor.

 

As for calling Exec Resolution so soon - if it's to complain about the negotiator's lack of response - ok - but to get an approval escalated on a submittal of just 6 weeks ago, that's a waste of a call.

 

If your agent wants to escalate (s)he can send an e-mail to the Chase Escalation team.

 

Thom Colby

Broker

Newport Beach and Palm Desert CA

Permalink Reply by Brent Innocenzi on November 29, 2011 at 6:25am

6 weeks is my usual time from submission to approval with Chase. Due to it being the end of the year, every file I have and every escalation are just taking longer. I would have your agent continue to escalate and push for a closing in 2011. I've never had the exec resolution # really do anything for me personally, but I'd continue to try every avenue to get your file looked at and approved ASAP. Also, note that Freddie Mac Investor files will definitely take longer than say a portfolio loan with Chase. Good luck!

Permalink Reply by SE Davis on November 29, 2011 at 6:27am

Chase is incredibly inept and slow.

Three weeks ago, I ordered a full default balance written payoff on a first mortgage they have not received anything on for 27 months.

That payoff has not arrived, I have called a dozen times and they claim it is in the fax queue or in the mail.

Full principle balance with interest, penalties, late payment fees, attorney’s fees and other excess junk and Chase cannot deliver a written payoff so that the seller can clear title and close.

The second lien holder agreed to accept $6,000 on their $219,000 balance with no DJ or post closing collection.

Totally inexplicable and dumbfounding!

Permalink Reply by joe beauchamp on November 29, 2011 at 5:21pm

I rarely bump into Freddie Mac, so could miss some ugly side of them.  I assume that they are much like Fannie - fat from sucking up taxpayer bailouts and no incentive to actually do their job of protecting their client the **now** taxpayer.  From a reasonable point of view, how does someone give guidelines to their servicer (Chase) and pay them to check out the sale, OK it and then just have Freddie sit on an OK for a month.  What are they doing for this month?

To me, it is important to know if Chase really OK'd and sent the package to Freddie on 11/4.  If so, the best you can get from Chase is to send messages to Freddie to please do something.  So, Chase lied and it hasn't gone to Freddie yet or it was just sent last week or it really went 11/4 and Freddie should be raked over the coals? You need to know - who is slacking and pushing you further into financial ruin?

I have found that in circumstances like this, a homeowner can get more of a response (also can say the wrong thing, blow up, screw things up).  Assuming you can call Freddie, and this has actually been sitting there all this time, I'd ask them about the points I mentioned - Why do they pay Chase to follow their guidelines and OK the sale then let it sit as the buyer's clock runs out?  (They have to justify either paying Chase and then redoing whatever Chase does or justify taking a properly OK'd package and just sitting on it until the taxpayer loses a good deal.)  In an asking way, why are they just sitting on this while your deal to get you out of this mess and save them as much money as possible is fleeting away, etc.

You can easily run into a wall as in "someone will call you back."  That is often death to forward progress.  Make a pointed note of this person's name, etc. and ask is Freddie so small that there is actually no one on duty right now with any authority to correct this stuation - no one in charge.  Do what you can to stay on that phone until you get someone who can explain to you why it is absolutely crucial that they sit on your deal until it dies.  Names and notes.  As you get higher, it means more to them that you are attributing their babble to them for later discussion with your representatives or whatever.

You want to be polite and catch every line of bull and make them explain it.  Don't give them a reason to dismiss you - wear them down to the point that they feel it would be easier to actually do their job and OK the sale.  You have a problem that you have done everything you can to get yourself out of this mess and to save them as much as possible and you need every detail explained as to why they can't just do this now.  Feel free to say, "This is being recorded, right?"

Not fun, but when you get into the corner and they can snuff you by taking 3 weeks off for Thanksgiving, you either lose or make them do their job.  Good luck.  (And, as I said, I am not a Freddie expert, so someone could point out why common logic doesn't apply to Freddie.)

Permalink Reply by Dan McHale on November 30, 2011 at 9:37am

Thank you to everyone who responded....  Here is my update... Today I called Freddie and I called the Chase Executive Resolution Department.

Freddie - I got nowhere..  No matter what I said (asked for the person's last name spelling, asked if this was being recorded, noted all the times I called Chase) I got nowhere...  The rep kept saying they could only speak with the servicing negotiator. I told him 10 different times that the negotiator is not returning calls and I can not get a status up date on that end. The guy finally said that he noted everything in the file and that I should call back in a week if I have not heard from the negotiator at Chase. I asked what does it matter if I call right now or wait a week. I said the only thing a week is going to do is get me a week closer to losing the contract. 

Chase Executive Resolution - I talked with a rep from this department after talking to Freddie. This person was nice and attempted to reach the Negoiator. She too could not get him to answer the phone. I was told she sent the negotiator an instant message and followed that up with an email to him, his manager, and her manager. She pulled the file up and told me the same thing the Customer Service reps have been saying (file submitted to Freddie on 11/4). She then asked for different contact numbers and said she would follow up with the negotiator.   

Bottom line for me - I am no better off right now then I was a day ago.. It is very frustrating. I don't know how you Realtor do it. I am dealing with one negotiator on one file. I could not imagine dealing with many of them on different files..

I am going to give it 24 hours and then start calling again on Friday. Not sure what else I can do??  Thanks again for the past comments.

Permalink Reply by Dan McHale on December 9, 2011 at 9:36am

12/9/11 update - I received the approval letter this morning. It is a 6 page documents with a Chase Condition of Approval of Sales Contract statement, Waiver of Funds document, Arm's Length Transaction form, and most importantly the following notation:

"Chase Bank, N.A., agrees to release it's security interests in the above collateral AND forgive any deficiency balances upon receipt of $XXX,XXX.XX".     My attorney tells me that is the wording we need...  The buyer is still hanging in there and we are discussing closing dates.. 

Thank you to all who have responded to my posts in the past year and half. You have been a world of information and a great help with understanding this process. My hope is that I close prior to Christmas and start rebuilding my credit and moving on with life.

*Executive Resolution and getting the Negotiators email address were big helps... 

 

Permalink Reply by Brent Innocenzi on December 13, 2011 at 10:48am

Glad to hear that! Good luck Dan!

Permalink Reply by Dan McHale on December 30, 2011 at 5:32pm

12/30/11 update -  We closed today.....  It has been a long journey..  Closing occurred this morning. This process has involved 3 Chase Negotiators (all very profession), two different Realtors (one not so up on Short Sales and the other a Short Sale pro), two different law firms (one over booked which lead to a buyer walking for another property, the other a hands on pro), and three different buyers. Through it all the advice I have received from this site has been great. Thank you to all who responded to one of my many posts over the past year and half... Your advice has been wonderful. I have learned a number of things over this past year and half. Things such as: be involved. Don't just assume the Realtor is going take care of everything for you. Call Chase often and write down names of people you speak with. Send emails. If you can get the Negotiators email address, use it. Send brief questions. I received many more responses to short emails then I ever got from leaving voice messages. Call Executive Resolution when you are getting no response. They seem to have a way to get through to the right people. Never assume anything. If you don't know or understand something - ask the question. Its okay to ask when you don't know. Above all, try to go with professionals who are well versed on short sales.. Let someone else be the Realtors first client.. Thanks again for all the advice received on this site. You all have been great.. This is a nice way to start the new year.. Now its on to credit correction for me... Happy New Year's...