Comment

Comment by Short Sale Superstars LLC on January 16, 2014 at 5:48am

Marcus,

    Who is the investor on the loan? I'd suggest requesting if  a value dispute is an option with the negotiator. This is where 2 licensed contractor repair bids with itemized expenses , colored photos, and an appraisal are some of your supporting documentation. A value dispute is never gaurenteed and it may be tough to have them come down 40k unless if there is significant repairs needed. Keep in mind that many times cosmetic repairs aren't taken into account fully with the bank.  [email protected] 310-564-6389 www.ishortsalenow.com

Comment by Marcus on January 16, 2014 at 5:38am

This website has been very helpful for what I am going through and thank you in advance for any help.  I need any advice from anyone that has experience negotiating with Chase on a Short Sale.

My situation is this:  We have a short sale that, from what I can tell, is approved with Chase but we are currently negotiating the price.  We offered $100,000 initially and they came back at $185,000 based of "values dated 11/27/2013".  This seems to me that they have some sort of BPO done at that time giving these type of values.  The agent thought that the $180,000 was the amount that was previously owed on the home.  However, 2 months ago they made the agent reduced the price of the home to $150,000.  The agent sent back a message through equator and asked why such jump in the price?  The Chase negotiator came back and said they would take $165,000.  The home is in need of a lot of work, approximately $40,000-$50,000 in repairs to include water, mold, flooring, electrical, roof, HVAC, etc.  The home is certainly not worth $165,000 in its current condition.

What should I do next?  I have an appraiser and a contractor that are are willing to evaluate the home for me for a nominal fee.  Should I get a cost estimate done as well as an appraisal and send those in to dispute the value?  Should I increase my offer price by $1,000? I am approved through my bank for the loan.  I included a prequal letter to Chase when I submitted my offer initially.  Should I make the terms more aggressive?  Close in 10 days?  Any and all thoughts are welcome.  The home would be great for my family if we get in for the right price, which would be $125,000 max.

Comment by Vikki Lucas on December 11, 2013 at 6:07am

If anyone has contact information for Mireya Quinones at Chase could you please email me at [email protected].

Comment by Vikki Lucas on December 6, 2013 at 7:21am

I've hit a wall with Chase on trying to get an extension on a short sale. This loan is a Fannie Mae loan. The request for extension was submitted properly on 11/21/13 and the Closer confirmed receipt and submittal to Fannie Mae on 11/25/13. The short sale approval that will expire Mon. 12/9/13.

 

I have followed up regularly with the Chase Closer.

 

Yesterday I contacted the Chase Exec. Group for assistance and learned that the file is going through an internal audit review and the Closer is not authorized to disclose any information to me or even the seller about the review. The only person who might be able to do so is her supervisor, Mireya Quinones. Chase Exec. Group sent an internal email to Mireya Quinones last night and tried again this morning to reach her or her supervisor without success. All that they could do was send another internal email to Mireya and HER supervisor.

Meanwhile the listing agent has been trying to escalate this matter through Fannie Mae Homepath and the Fannie Mae rep just keeps telling her to contact the servicer. I have asked the seller to reach out to his Client Relationship Manager as well.

 

Does anyone has any contact information for Mireya Quinones? If you do, please contact me at [email protected].

 

Also I'm wondering if anyone else has recently had a similar experience with Chase and if this might be due to the new OIG report that is requiring Fannie Mae, Freddie Mac, etc. to provide complete docs. This short sale has been going on since March, 2013.

Oig Report here: http://fhfaoig.gov/Content/Files/EVL-2013-012.pdf

 

Comment by SE Davis on November 14, 2013 at 11:54am

Its worked for me many times.

Check and update your sold comps to support the counter offer amendment price.

Submit all those docs together.

Contact the Executive Office direct phone line for escalation. Then agitate them every 72 hours until you get what you want.

Be warned Chase may transfer the loan.

Comment by Ludora Cooper on November 14, 2013 at 10:49am

Thanks for the comment and info on Chase- I have "not" turned anything in yet on disputing the valuation so I can't see it being too late. You are saying to give a counter offer of $1000 increase and see if they accept it? Then if not- proceed with the dispute?

Comment by SE Davis on November 14, 2013 at 4:28am

JP Morgan Chase is in the final stages of agreeing to a federal settlement to pay $13 billion for past improprieties and that they have set aside a total of $23 billion for an estimated total for future claims.

Inevitably, this settlement discussion had been in process for the last 12 months and really heavy for the last 6 months. I believe this is the reason for all of the Chase SS Department inconsistency we experienced this year starting right about the same time they converted to using Equator. Equator facilitated Chase’s wholesale destruction of one of the top loss mitigation departments in the nation and their Equator platform intent was for serving their pre-determined massive personnel turnover.

Ludora Cooper a counter offer amendment from that buyer even if only a $1,000 higher than the original purchase price may have been a smarter strategy. Might not be too late for that either. It allows Chase a minor win and much easier value dispute with list assist dept.

Submit it then forget it was never a wise decision on your part. The other suggestion is to camp out on the phone with all dept. numbers at Chase available until they prove to you that they are actually working your file. Posted above in the header for this lender forum is their New Number for Chase Executive Office Resolution- 888-310-7995 888-310-7995 (Executive office for Chase).

Understand that Chase is working furiously to minimize and reduce working capital losses across all departments.

Comment by Ludora Cooper on November 13, 2013 at 11:11am

WHAT IS HAPPENING WITH CHASE? We submitted a SS offer back in April and have had 3 Negotiators to date with little to no progress. We were told back in August it was sent for Investor review to get an approval. But nothing happened- file was reassigned and Now they come back this month (Nov) needing to do the BPO over because the other expired. Now they want to Counter the offer with an increase of $18,000, buyer says "no way".  This is WAY out of bounds for that neighborhood. Now I'm having to dispute the recent valuation with them.... They have given the file to List Assist for me to do the dispute. Does anyone have some helpful advice to move this file forward once I complete the dispute? Do they have a escalation Dept?

Comment by SE Davis on November 12, 2013 at 6:13am

Vikki it sounds like a mess.

What is your strategy moving forward? 

The more you share the more I may be able to assist.

 

Comment by Vikki Lucas on November 12, 2013 at 3:36am

Thank you SE Davis.

When I mentioned a successful foreclosure Defense, I over-stated. They merely were able to stop a foreclosure sale date, but I have used your response as a model and research the court records. This seller is definitely in deep doo doo, because of the level of action that was filed by the co-owner (her parent) and the on-going action of his attorney to keep the foreclosure sale date at bay.

 

Many thanks for a great and comprehensive answer that made me "thimk."

• ‹ Previous
• 1
• …
• 17
• 18
• 19
• 20
• 21
• …
• 164
• Next ›
• Page