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Chase 2nd

Posted by Judith Sailors on June 10, 2011 at 9:24am in Short Sale Discussions
I am starting a new file with Chase. I haven't worked with a Chase short sale in two years. There is a first and a 2nd lien with them. Does anyone know what the first with Chase will typically give to the second? Some banks max at $3000. Also what is your opinion of Chase when it comes to short sales... what should I be prepared for? Any advice is greatly appreciated.

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Replies

  • brian smith June 27, 2011 at 4:19am

    Morning Robert.  Hey is 100k for an Mi company alot to take a hit for them in this market?

  • Robert June 24, 2011 at 9:11am
    MI can usually take 30 days!
  • brian smith June 24, 2011 at 9:02am
    with your experiances how long will MI take before there approval on this file.
  • Robert June 24, 2011 at 7:56am

    No does not mean that Chase has approved the file. When you have MI on a file, its like going through 2 different reviews for approval. Which explains the delay in the process. Chase has to get approval from MI company, and then they can issue there own approval. Without MI approval, nothing will get done.

     

    This can't be rushed because the lender is at the mercy of the MI company.

  • brian smith June 24, 2011 at 7:48am

    Robert have some news for you.

     

    they have came back today and said that the file will finish the review by 6/28/11 and than will be assign to a different negotiator to go through the next step which is getting the aprroval from the mortage insurance company they say that takes between 10-14 days

    does this mean that once moved to Mi that chase approved this file and waiting for MI approval?  is there something else this agent should be doing to get this rushed?

  • Robert June 24, 2011 at 7:18am

    Depends on the investor. I know that Fannie and Freddie with go 85% NET of FMV. So your $10K - $15K offer from FMV should be considered and possibly good enough for approval. I would expedite, and make sure you include sometime of third party BPO, repair estimate, and/or market analysis for area. Please feel free to give me a call if you run into road bumps.

     

    Hope this helps.

     

    Rob - 562-334-2090

  • brian smith June 23, 2011 at 4:19pm

    Thanks Robert!!! i do know that there is PMI involved so that could be a reason for the delay i am guessing, They just keep comming back asking for more paper work now im not sure but they are either being crazy of this listing agent is not submitting a proper package. If i dont hear tomorrow i will ask the agent to expedite this case. 

     

    also my clients offer may be  about 10-15k off fvm at the most, is this enough to get chase to counter of will they just shut the door on that kind of price?

  • Robert June 23, 2011 at 1:21pm

    I have worked closely with chase, and I can tell you that 60 days is too long to wait for an approval from Chase. They are one of the fastest short sale lender I have worked with. When the BPO comes back, within 2 weeks you should either get approval or counter of original purchase price. If you r 60 days in with no reply, please ask for file to be expedited to case manager and that you need status update. Make sure they put this in the "lender notes," which triggers to the investor and they must respond within 72 hours.

     

    Hope this helps!

  • brian smith June 23, 2011 at 12:48pm

    i have a short sale with chase 1 bank chase! seller is upside down about 100k from the FMV. bpo was done 40 days ago and package was submitted they asked about 14 days ago for the sellers finances which were submitted 2 weeks ago. Spoke with the listing agent today and she had said the Negotiator said to call friday he was reviewing the file today. Can anyone tell me what's going to happen next. First time with Chase 60 days into this with just one lien and above FMV. for home.  

     

     

     

  • Kimberley Kelly June 14, 2011 at 1:46am
    Agree with Robert.  I am in California, and Chase has not been particularly good.  Their BPO's are notoriously high and they have been stubborn to see true FMV with offers.  However, re: the 2nd.  No problem with 10% payout and when they are carrying it, probably release it..good luck.
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