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Stuck on negotiations with Chase on 1st and Real Time Resolutions on 2nd-- HELP!!!

Posted by Cricket Yee on February 23, 2012 at 8:54am in Short Sale Discussions

Hi everyone, what a great website! I am in an ugly situation with Chase on the 1st and RTR on the 2nd. Chase approved HAFA short sale in November, and RTR wanted $27k to release 2nd. Chase would not allow that under HAFA and would not allow any buyer/seller/agent contributions. Then we took it out of HAFA, RTR now wants $17k, but Chase will only approve $5820, and won't allow any buyer/seller/agent contributions. I don't know who the investor on the 2nd is, but I do know that RTR got the loan from Nationstar last year. How can I keep this deal going? Any advice would be greatly appreciated!!

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Tags: chase, real, resolutions, time
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Replies

  • Joel Fajardo March 23, 2012 at 10:05am

    Hi Cricket,

    Have you had any luck on your file? I am having the exact same problem with RTR except that the first lender is Specialized Loan Servicing (SLS). Any advice you have would be greatly appreciated.

    • Cricket Yee > Joel Fajardo March 23, 2012 at 2:10pm

      Hi Joel, YES, I have, and in fact, I opened escrow today. In the end Chase did allow the Seller contribution. On that note, after a couple of emails, RTR is going to allow the Chase incentive funds to be applied to paying them off although they are limiting the seller to $3000 and with them pocketing the rest. Whatever it takes!! The takeaway is that you do have to be persistent, and know that when anyone tells you that it can be done, it actually can be!!

  • Cricket Yee February 27, 2012 at 11:20am

    Hi everyone, update on the file. Thanks to your comments, I spoke to a supervisor at Chase today and what a world of difference. He came up with a few solutions that we are going to try. First of all, he said that with handwritten permission, the seller would be allowed to use his incentive funds to contribute to the 2nd. The problem I'm running into is now kind of a stupid one-- the Chase incentive to the buyer exceeds the amount needed to satisfy the 2nd. RTR has said they will not allow the Seller to take any profit, so I have to find away to get rid of or hide the excess funds. Persistence and escalating seems to be working!

    For good measure, I had a very hard time with the Chase negotiator Priscilla Arrington, who was not open to problem solving with me. If you get assigned to her, get on her good side ASAP. I must have started off on the wrong foot with her because it was horrible getting any guidance, info or anything out of her.

  • Gail Mitkoff February 27, 2012 at 6:07am

    Hi Cricket,

     

    Is this loan backed by a Fannie Mae mortgage?  If so, you may be eligible to submit it directly to Fannie Mae for assistance via the Short Sale Assistance Desk.  Here's the Fannie Mae loan look up tool http://www.fanniemae.com/loanlookup/ and info on the Short Sale Assistance Desk.  https://www.efanniemae.com/is/reprofessionals/pdf/ssadfaqs.pdf

     

    Hope this is helpful.

     

    Gail Mitkoff

  • Suzanne Rene Owen February 26, 2012 at 6:22pm
    I would try to settle with rtr prior to close. See if they will issue you approval if seller contributes /settles for say 5k in writing prior to issuing the letter promising to accept the 5820 at Coe..they would get 10820 total...5k now and 5820 at close...or whatever you can negotiate. They would issue a formal letter....basically you would get two letters...one that would require seller to wire transfer the settlement funds and then upon receipt of those funds from the seller, with a promise to accept the 5820 at coe...they would issue a short sale letter for the agreed amount from chase. You must get it in writing from rtr to protect your seller that they will issue the second letter upon receipt of funds. I was successfully able to do this on a deal. Good luck
  • Blair Stacks February 26, 2012 at 8:50am

    My understanding is that RTR is a collection agency.  I have one now where BAC sold the second to RTR two years ago.  After going on BAC's twitter help page and posting a polite "I need help with a HAFA approved loan", I received a callback within 24 hours that they were pulling the second from RTR and I should have an approval in the next 48 hours. The big banks sell these garbage loans to the collection agencies and when push comes to shove, they can take the loan back.  Check to see if the original investor participates in HAFA and go back to them and escalate. There is pressure to make HAFA work, so you might have some leverage.  Also, are collection agencies regulated in your state?  If so, file a complaint with the State Attorney General's office, Senator or State Representative.  Here in Washington, the regulators are favoring consumers over foreclosures.

  • Jessica February 26, 2012 at 8:33am

    You just can not ask for a new negotiator..You have to go over their heads.

     

    Chase is the serviser of the loan the note is most likely owned by Washington Mutual..if there is a NOD that was motioned by the bank that they most likey do not have the note. Check the docket, see who is on the servise list..Is there a HOA  are they involved in the foreclosure!!  That is the first time I have heard they will not take a seller contriubution.  They are also executive officers you can go to at chase.  Ask the neogiaiter to see the response from the lien holder!!  You have to be persitiant.

  • Jessica February 26, 2012 at 8:10am

    You asked for assistance why would you not make the phone call

    • Rita Cox > Jessica February 26, 2012 at 8:15am

      That was Cricket Yee that asked for immediate assistance and I am sure she will be making the call tomorrow morning. I have the exact same situation as she does with Chase as a 1st and RTR as a second. Your information will be valuable if I run into a challenge.

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