Comment

Comment by Tara Samney on July 13, 2012 at 3:36pm

Ellen I am not sure that is true.  I have a VA Chase short sale that was scheduled to sell at a trustee sale today- we got it extended wed. interesting about deed in lieus.  Chase also isn't honoring the 88.13% net for VA.  I have one under contract with a HUD which clearly shows $80 more than that and I cannot get negotiator to approve.  VA even contacted negotiator and reviewed our HUD and recommended approval. Escalation doesn't help.  Fannie Mae is investor.  I keep being told they have to get full appraised value to get seller concessions.  I got my commission to almost nothing just to get this closed and they still won't approve.  They closed the file Mon and the next day owner called and it got reopened but we have the SAME negotiator.  Am I missing something??

Comment by Kevin - Greenville, SC on July 13, 2012 at 3:16pm

@Bob, That tiered net proceeds % applies only to FHA Pre-Foreclosure Sales.  VA Compromise Sale proceeds are 88.13% flat.

Comment by Bob Hanley PSC/EC/CDPE/e-Pro on July 13, 2012 at 3:13pm

I was told today 88%, then it drops to 86% in a month then 84% the next month.

Comment by Ellen Dittman on July 13, 2012 at 12:17pm

I spoke with a Chase rep today who stated that Chase is not foreclosing on any VA loans now, and they are not doing any deed in lieu's. I have four such shortsale listings whereby appraisals were done in the Feb/March timeframe and they were very high. It's been a struggle to get them thier "net of 88%". These homes are sitting there just waiting for the next appraisal in Aug/Sept timeframe. We cannot do anything until then. 

Comment by Kevin - Greenville, SC on July 11, 2012 at 3:43am

Escalate at Chase.

Comment by Kevin - Greenville, SC on July 11, 2012 at 3:43am

@Tara,  Since the VA is the Insurer, VA Loss Mitigation Guidelines are followed for the Short Sale regardless of who the Investor is.

Comment by Tara Samney on July 11, 2012 at 3:39am

I have a short sale where Chase countered at full appraised value...and told we had to have that to get seller concessions.  Found out that wasn't true.  VA is insurer and requires 88.13% . We net slightly more than that.  I was then told by Escalation (not helpful on this at all) that it wasn't VA blocking it but investor and wouldn't give me investor name. From my search it is Fannie Mae. I've never had a problem before on Fannie Mae loans cutting commissions, etc as long as I got min net.  The min net on the Chase approval is 88.13%.  Which is it?  I found somewhere Fannie Mar requires 90% is this true?  Who rules? on here I saw insurer which is VA...but I cannot get it through.  Escalation just keeps telling me negotiator makes the determination.  Escalation contact told me she thought it was b/c when she was a negotiator a year ago they relied on investor rules.

I have a foreclosure date in 2 days- trying to get extended for 2 weeks. 

The VA rep even called the negotiator and said that the VA supports the offer based on seeing HUD and recommends acceptance as a cheaper alternative to forelcosure.

 

Help!

Comment by Michael Hayley on June 29, 2012 at 7:02am

@ Anna Parker. I think 45-days to submission to investor is long but far better than typical last year! Good luck. 

Comment by Anna Parker on June 29, 2012 at 5:44am

Anyone have any tips? Submitted SS to Chase on 4/27 and negotiator JUST submitted our file to USDA on 6/14. Wondering if there's any tips on helping this move along any faster?

Comment by Marcy Moyer on June 24, 2012 at 5:14am

According to Chase the metrics for how much someone gets has not been disclosed to them by the investor.

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