I have a Chase Short Sale file that was initiated back in June. The negotiator has a turnaround time on anything submitted between 2-3 weeks. In September he requested I counter the buyer and I did which the buyer accepted. At the same time he requested I change line 508 on the HUD to include a HAFA relocation for the borrower, we never asked for this. He comes back in November after submitting to the investor and states the investor does not participate in HAFA so the Short Sale is declined however he wanted me to change the HUD once again to submit for in house approval and he was ordering a valuation because he didn't have one and the offer was to low for the investor to accept. I told him a valuation was done in August and Chase sent me a copy but he insisted it was not possible so I then asked him how could he counter with no value. Of course he rushed me off the phone. Today I went to upload the documents in equator and the entire file is gone accept the original offer. I called Chase to speak with the negotiators supervisor so the file could be reviewed. I was told to email her and she would get back to me. I would like any helpful suggestions besides the obvious that the negotiator doesn't know what he is doing. Does anyone have experience with being declined and Chase's in house approval. This was an FHA loan and then Chase modified the loan in 2013.The Chase valuation is a third of the loan balance.
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So is the investor FHA? then of course it doesn't qualify for a HAFA short sale Yes the negotiator does not know what they are doing. Did they provide you with the Approval to Participate letter? It will show the recommended sales price and the net proceeds they require (normally 88% of the value) You should just escalate to their List Assist dept and not even deal with that uneducated negotiator
First off if this is an FHA as you have stated no HAFA has to be done because the FHA will allow the seller to have incentive for participating in the FHA short sale no HAFA needs to be done.
Two you should have been issued an ATP approval to participate with the amount that FHA will accept as they have a 3 tier net system with FHA the 1st 30 days 88% followed by 86 and then 84% of the FHA appraisal.
You should go right to FHA with a complaint about this.
Please email me at [email protected] and I will give you a contact email to get a hold of.
You will need the FHA case number and authorization to forward to my contact there.
I can also give you an email for Chase upper mgmt to complain to.
Jim
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