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Chase Short Sale Help

Posted by James G. on June 4, 2013 at 10:13am in Short Sale Discussions

I have a Chase short sale pending in Florida. I have been under contract for 7 months. I have received scraps of information from the Seller's attorney who works through Equator, including a message two months ago that the file had moved to another negotiator level??  A second BPO was ordered a month ago.  Last week we received an email indicating the file was "under review", but i understand this is to continue asking for updated financials from the Seller. 

Seller's attorney says she has no way to communicate with the bank other than through Equator. Going into month 7 and no light at the end of the tunnel.  Loan was originated by US Bank and packaged into a MBS; somehow Chase ends up with the servicing; there is likely an investor somewhere and MI company.  No second mortgage or liens.  I dont udnerstand why one loan would take so long for a decision. 

I need help. Any insight would be appreciated.

 

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Replies

  • Dominick June 6, 2013 at 8:20am

    Everyone is right. You will need someone who has the time and expertise on navigating the servicers systems albeit for simple status updates or escalations, which it sounds like no one has done. If you are in contact with the seller you can send them a 3rd party authorization form to fill out and execute and then the first thing that should be done when the servicer receives it is escalating the file.

  • Wayne Brooks June 4, 2013 at 4:17pm
    If they are "only communicating through equator" (absolutely ridiculous) it sounds they are buried with files, and only del with them when prompted b the bank. This is common with title co.s that take on hundreds of files. The listng agent needs to get involved, get authorization to talk to bank, and move this along. The seller CAN authorize anyone to speak to the bank.
  • James G. June 4, 2013 at 3:21pm
    Thank you for your response. The Seller's attorney has all but refused to call the bank, relying instead on Equator and using the excuse that they won't attend to her calls. I'd like to retain someone to assist me but most specialists only work with Sellers.
    • Kevin - Greenville, SC > James G. June 4, 2013 at 8:08pm

      Chase's replies through Equator has been slow to non-existant....Much better on the phone.

  • Becky Martin June 4, 2013 at 2:42pm

    Doesn't sound like anyone is babysitting your transaction:(  The listing Realtor or the attorney can call for updates and escalations anytime and all the time....the squeaky wheel gets the grease!

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