Chase as Junior lien when OWEN is fully paid on a short sale

I am about to submit a SS packet to OCWEN with CHASE as 2nd Lien. Because the values of properties have gone up, OCWEN can be paid in full but not Chase.

What is the best way to handle this? I planned to process this myself in lieu of having Fidelity SS department do it. I have not used Equator since 2010 and yes, I know it has changed a lot since then. There is another 3rd party that only feeds in to Equator that works with Fidelity SS and to me, monitoring 2 other entities to do this processing might be more stessful than just doing it myself.

I have been doing my own SS negotiating but the last one was 2 years ago as a listing agent. What is expected? is it a lot better now? This is a HAFA package so I am expecting 30 days approval.Does this still stand? Do I need a Certification with Equator in order to use it?

0 members like this

Replies to This Discussion

Permalink Reply by Rebecca McKenna on March 19, 2014 at 2:33am

If Ocwen can be paid in full and you are covering all the closing costs - there is no need to submit it as a short sale - you only need the approval of Chase.

Permalink Reply by Esperanza Agbayani on April 25, 2014 at 7:19am

So who do I submit it to? Not short sale department. Seller had an old letter from Chase to pay off with $10,000 or $0 but at that time she did not know how to respond.

To get approval of chase do I submit it to SS department and prepare a short sale packet?

Permalink Reply by Mike Rosania on March 19, 2014 at 2:36am

Also if second with Chase pretty sure it will not need to be done through Equator. If Ocwen paid in full no worries about first. Should be pretty simple transaction depending on size of second. I don't think you will get HAFA incentive given first mortgage not underwater. Good Luck!!

Permalink Reply by Esperanza Agbayani on April 25, 2014 at 7:37am

Thank you Mike for your reply. We finally got all other liens cleared and ready to submit to Chase. Do we submit this as a Short Sale HEloc and justs mail application or can we fax it?

The Chase 866-233-5320 does not seem to take sellers screening info on SSS and zip. Is there aother number?

RSS

Welcome to
Short Sale Superstars

Sign Up
or Sign In

Or sign in with:

Members

View All

Badges | Report an Issue | Terms of Service

Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.