Comment

Comment by Tara Samney on June 6, 2013 at 2:28am

Chase has set me up in Equator.  Under Financial info "Monthly income from employment"- is that net after taxes, etc? or gross?  Thanks

Comment by Becky Martin on June 5, 2013 at 1:09am

I will get that Chase 2nd lien approval in time, calling every day!  This is the 3rd time I have had a very SLOW experience with a Chase 2nd:(

Comment by Kevin - Greenville, SC on June 4, 2013 at 2:59pm

Becky, Is more time needed?

Comment by Becky Martin on June 4, 2013 at 2:54pm

HAFA approved Wells Fargo, full $8,500 to Chase on a $20K 2nd and Chase is dragging their feet?  I finally got the contact at Chase to agree with me today that this one is a NO BRAINER, cash offer and buyer wants to close.  Must close by June 26 and Chase has had file since April - CRAZY

Comment by joe beauchamp on June 3, 2013 at 4:10am

I'm pretty sure that they most important criterion for a SS "specialist" is that they can lie convincingly. ;-)  HUD does have some teeth - they made BofA take back some loans last year because of screwups, but they are removed - not as much as FNMA or Freddie. These bankers are the people who put the world in this nasty financial situation - cleaning out retirement for millions of people, so are you expecting honesty now? If so, why? The banking laws are actually more lax than they were in 2008, the politicians are clearly in the banks pockets and no one is stepping up to cleaning it up.

What makes it more deceptive is that some people at the bank are honest and misreading notes or given "inaccurate" information so they lend credibility to what you think is happening. In some cases, if you dig deep enough, you will find incredible things happening - unfortunately, usually after your buyer has walked. (I just learned of a 2 month doing-nothing lie last Friday. That is 3 months minus 4 days into a 90 day buyer extension - a surprise since I have been through twitter, escalations and investor multiple times with none of them exposing the lie - so simple, how is that possible?)

Comment by Dean E Eshelman, CPA, CDPE, IRES on June 1, 2013 at 9:29am

Vikki, definitely an eye opener!

Comment by Kevin - Greenville, SC on June 1, 2013 at 7:50am

Vikki,  You hit the nail on the head.

Comment by Fred Shocklie on June 1, 2013 at 5:18am

I am doing a FHA short sale with Chase now. It is true that the servicer handles the entire file and issues the letters. It is possible to escalate the file yourself and speak directly with a HUD specialist. They do contact the servicer. I escalated my current file and I speak directly with a HUD specialist who talks to Chase and gives them direction on how they want the file handled. FHA does not want properties back. They don't review the file per se, but the servicer is audited so sometimes what you are running into is someone who is not understanding what they really need to do. Organizations get "myths" into their systems and the only way to get around them is to go direct to FHA and have them "explain" what the real requirement is.

Comment by Vikki Lucas on June 1, 2013 at 2:28am

To Joy Baker - and all others of course -

I had a revealing & distressing conversation yesterday with the FHA/HUD Rep who is helping me escalate a Chase FHA short sale. During the conversation my rep told me that FHA has nothing to do with reviewing files, issuing paperwork, demanding documents or anything else during an FHA short sale. They do not issue the ATPs. They don't even see the files till after they close, if then. In fact, the FHA/HUD rep told me that one of the reasons FHA/HUD provides escalation service for FHA short sales is to monitor whether the servicer does all it can to facilitate the short sale so that if the property goes to foreclosure, FHA/HUD can deny the servicer's claim.

Yet I have been told by Chase, Wells Fargo and Bank of America that my FHA short sale processing is being delayed by periodic FHA reviews. This is not a direct quote of course, but "We're waiting to get the ATP from FHA." Comments of this nature. This is info. that I've passed along to the real estate agents I process for. The FHA/HUD rep's comments, while clarifying, made me feel like I've been duped and have inadvertently duped my agents. It was really distressing.  

I would like to know if others have been given these same excuses by servicers who put the blame on FHA for delays when it turns out that it's all coming from the servicer's end. If anyone can confirm that they've heard the same excuses, then at least I can use the old "Liar! Liar! Pants on fire" offense.

Comment by joe beauchamp on May 27, 2013 at 1:43am

Kathy, do not sit around waiting for the negotiator to "fix" things - it hasn't happened. Talk to the investor and probably the MI. After no progress, complain to the state AG and let investor/bank/MI know that you have to do that. Banks don't care much about real threats, so you can guess how they react if you hand them a "well then I'll sue you" idle threat.

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