WOW, 20 years of short sale negotiation and I have never seen this.... On November 1,  I received a great approval letter for a short sale waiving deficiency and -0- required at closing,for closing to take place by December 3.  We removed the contingency on 3rd party approval and out of the blue, with no explanation what so ever, I receive a message in Equator stating the short sale has been declined.  The property was even removed from Equator.   PLEASE HELP.  I have struggled with this over-priced property for over 1 year.  This was our 4th contract submitted to Chase.  Has anyone else had this experience?  The approval letter was great!  It did not even require HUD approval, just send copy of certified HUD along with money and all would be released.  There is no clause in the approval letter reserving the right to withdraw the offer.  The buyer rushed a home inspection and already paid for the VA appraisal.  Advise greatly appreciated.  Thank you.

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Helen Chase has struggled mightily with the Equator process and it would be reasonable to assert that they have failed miserably.

It could be a simple as someone at Chase punching the wrong keys.

Or it may have something to do with their recent multi-billion dollar settlement.

Escalate the file with e-mail or fax transmissions of that written short sale approval and stay on the phone until someone replies.

I had the same issue with Chase and then while the approval was being typed up they sold it to SLS loan servicing- but keep the 2nd- it has been a nightmare- they both have been fighting over who is giving the approval first- and they have been nasty about it- especially Chase, I was shocked because I have even sent business there way with my buyers- I am now looking into other methods around this and will be talking to a lawyer to see if they can get a better result- this is my 3rd time around with Chase- and she deserves this short sale- she even had to leave the state to find work... I am so surprised how these banks who use to be easy to work with, now are a nightmare!!! I have escalated the file 3 times and been working on this short sale for 1 year now- I took the listing last November- I have had others go through with basically no hardship and her hardship is solid- I feel so bad for her !! she keep this house out of her bankruptcy and when Chase found out she went to bankruptcy was so difficult to work with- I told them this home was not included in it- she was trying to hold on to it and the bankruptcy was from 2011- in Sept of 2011 she no longer could make her payments because she was unemployed and then had to move out of state for work- If that is not a hardship then what is? I can not believe how awful things have turned out so far- but I am not giving up !!! she deserves this short sale- just not sure what more I can do- I went up to the Mgr level and asked to speak to a CEO- no call back yet.. :( sad times right now- I wish they could sue these banks for not trying- but as we all know they are not obligated to do a short sale if they do not want to- to bad because this short sale with give them way more money and with a cash buyer.

Some minor points: likely, the investor sold the rights to SLS, not Chase since often the upset investor takes accounts away from servicers; Chase gets paid to hold the account, they don't make money on the sale so don't care about the value of the deal and often the investor does not care enough; banks are parts that don't care about each other - you giving business to making loans is separate from SS's - you get no points - the bank is not a coordinated monolith; assigning morals or ethics to the bank will just drive you crazy, treat them as they are - sociopathic liars (of course, phone answers are often not, but as you know, they have little authority and are treated the same as you by the bank); SLS has been both hot and cold for me, keep pushing and hopefully you'll get SLS to go along. Tenacity with these servicers goes a long way. They don't care about what is fair, they care about getting rid of the pain of you being around (not sociopathic, just human nature).

I don't understand the point of keeping the house out of BK. Obviously, it had to have more debt than value (or it would have been forced to stay in the BK), so all the homeowner did was demand that she be held accountable for this debt but not the others? Huh? That is good for anyone but Chase how? Did she have a real lawyer for the BK?

The letter was actually dated October 31.  I am now being told that the servicing was transferred to a new servicer on 11/1.  I have had short sale files transferred during the approval process, but never after it was approved.  Thanks, Helen

Or it may have something to do with their recent multi-billion dollar settlement.

I believe Chase has been furiously transferring files to other servicers as a result of this recent $14 billion dollar settlement.

I expect you will have to start this files process all over with the new servicer. Chase will not transfer any borrower documents or the short sale approval.

Maybe Jan has a super secret solution. I hope so.

GOOD LUCK with it HELEN!

We had a similar situation with Chase 1st service releasing to SPS after approval letter had been issued.

Don't worry the new servicer should honor the approval with only a few updates needed. Who is the new servicer? If it's SPS with a high value property you'll need the Action Response team dept at SPS.

Hope this helps!

Hi Helen, I had a similar thing happen to me right in the middle of my escrow. It took about a month for them to get it back together, and I had to re submit everything with the new servicer, but it got done! The hardest part will be keeping the buyer in it. I was very fortunate to have an agent on the other side that understood the nature of short sales and was able to keep the deal together during the delay.

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