Have a SS where Chase holds the 1st Greentree holds the 2TD. Chase gave me approval very prompty... but only gave me a week to close it. At that time I was not even assigned on GT. I have been able to get extension to the 45 day mark (2 extensions). But can not get my negotiator to budge beyond that (Courtney M). Has anyone been able to get an extension beyond 45 days? She says they close files and you have to start over??? Anyone have a good contact in Upper management? GT is submitted to management (4 weeks ago but holidays killed me).. I have calls into the head of LM at Greentree to put some pressure on.
HELP!
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Hi Stephanie:
What you start running into with Chase (or any other lender) is the fact that their valuations are only good for 90 days. This makes them not want to give additional extensions because if you start to approach the 90-day mark the BPO and valuations need to be done over again anyway. Which means, unfortunately, you are starting over again.
For 2011, I have heard from many of the big servicers that no extensions are being granted except to close within a couple of days. Unless you are VERY close to closing, it is unlikely you will get an extension. 2011 is the year they are going to get rid of all the toxic assets - either through foreclosure or immediate short sale.
Having been doing only Short Sales for 5 years now, it's about time !
Best of luck,
Thom Colby
Broker
Newport Beach CA
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