Has anyone had this problem before?  Every single time they always request more than the maximum payout. According to HAFA II they are only allowed $6000 if the senior loan is backed by Fannie Mae. That is the cap. BUT EVERY SINGLE TIME THEY WILL ASK FOR SOME RIDICULOUS AMOUNT AND WASTE EVERYONE'S TIME. What really bothers me is that after you make them aware that it is a Fannie Mae and you are aware of the rules(which they definitely are too) they still want to negotiate a non negotiable term.  Please see attached where it is in good English on how they need to mitigate the loan. WHY, WHY, WHY??????????????? This is one reason Short Sales cannot be streamlined. Because of nonsense like this.

 HAFA%20II%20and%20Deed-in-Lieu%20of%20Foreclosure%20Requirements%20...

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Has the 2nd been charged off??? Is the borrower more than 5 months late??? If so, you are dealing with Chase Collections and they are one of the worst in the business...

No it is still with Chase. It has not hit collections as of yet, but they know the rules. I will be going to the Regulators of the National Settlement Act and I will let you know where it is going. Thanks for your response. 

Since Chase is a servicer for FNMA first loans, you might get some traction by going to FNMA and complaining to them that their servicer is refusing to cooperate with FNMA. I don't deal with Chase much, so I don't know if they are under the OCC stuff, if so, you might complain to them about Chase sabotaging short sales like this. I believe OCC only covers first loans, and if so, this would be hitting Chase with their primary FNMA relationship.

So far as "why" goes, well, because servicers get paid every month to "maintain" files. Every (short) sale means less money from the investor from then on. They definitely have no interest in cooperating or making working with them easy. Just think of them as the big greedy sociopaths that they are and you won't drive yourself (as) crazy wondering where their morals and ethics are and you won't waste time trying to shame them into being humanitarian.

You are absolutely correct on all accounts. Thank you for responding. 

Greg

Can we presume you already acquired and then sent Chase your written HAFAII approval from the first mortgage holder?

If so, then a written allegation can be made to the regulators of the National Mortgage Settlement that Chase is not cooperating via using sub liens to violate that first mortgage consent order. CC that written complaint to Chase sub lien rep.

If not, then Chase sub lien is assuming that you'll never acquire that necessary document and are simply attempting to maximize their net collection on that sub lien default balance. Chase knows that Fannie does not issue HAFAII approvals carte blanche that they dispute valuations extremely aggressively and if you do acquire that approval it may be months before that occurs.

GOOD LUCK!

 

Thanks, I am going to file a complaint with Fannie Mae and keep everyone in the loop of how that goes. 

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