Negotiator with Chase says the offer price is fine, the contract is good, but the investor (PMI) wants a $30K  promissory note.  Chase falsely believes the seller has money becuase his credit score is still 640 and his other bills are being paid. His Dad loaned him money to make car payments but will not loan him $30k when he and his wife are unemployed.

 

Sellers moved away from FL back to Canada so the judgment won't be worth a cent.

 

Already went to executive resolution and they are just throwing it back to the same negotiator I had before.

 

How do I find out which PMI company it is and how do I contact them?

 

Thanks

 

Phil

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Replies to This Discussion

Phil -

 

Most likely the PMI company will not speak with you since neither you nor the borrower is their contact / customer.  You are using "Investor" and "PMI Company" interchangably - but they are not the same entity.  The "Investor" may be a Union or Pension Fund etc. and the PMI company might be AIG or some other insurance company.

Find out if Chase is "delegated" or "not delegated" by the investor and/or the PMI company.

 

Also, have the seller (borrower) write a letter to Chase stating they "have no money, no means to pay and have moved out of the country permanently". 

 

I suspect this will get a better response.

 

Best of luck to you,


Thom Colby

Broker

Newport Beach CA

Phil, You may have to send them a QWR, qualified written request, to find out who you are dealing with.  PMI is tough to deal with because they have to write a check to Chase for part of the loss but you should be able to get it reduced or down to a prom note

Jeff is correct on the QWR (you can also use this to find out who the Ivnestor is on the loan).

 

Send me an e-mail, [email protected], and I will get you a copy of what we use.

 

"Delegated authority" comes when the Servicer has a Tier III approval....

 

What the _____ is that?

 

Your approval is based on 3 criteria:

 

1)  Total overall loss in dollars

and

2)  Percentage of loss compared to the BPO

and

3)  Total overall percentage of loss compared to the amount owed

 

If you fit into the approved guidelines for one of the above:

You have a Tier I approval

 

Meet all three and you have a Tier III approval....agian, with a Tier III approval...with a Tier III approval, the Servicer ALWAYS has delegated authority, or, the right to make slight changes in the offer.

 

Good stuff....NOW GO KICK SOME BUTTS!!!!

 

Thanks all. Ben - will be emailing you shortly.

 

Phil

Larry, I have only needed to do this a few times last year, once with EMC and once with Indy Mac, and both times the seller had  a letter sent back to them with the information in less than a week.  This was for PMI companies and not the investors though

When we have done it, like Jeff, the response is VERY timely, 7 to 10 days.

 

The QWR is also the documetn used for forensic loan audits....once the bank is aware you MAY do this, thye again tend to be VERY cooperative.

As with ANYTHING on a short sale, call DAILY if they are ignoring, and, escalate your file accordingly.

 

We have also started, for most of short sales, sending in the QWR from the very beginning (you can often also just have the homeowenr CALL in and get this information.....many lenders do give it to the homeowenr over teh phone if a short sale has been dragging on.....coach them on what to say, tell them to BE NICE when they call, and, you should be fine)

 

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