I am working with Chase on 3 different loans that seem to be doomed to foreclosure due to Chase's tactics. Is anyone else experiencing Chase seeming to thwart all efforts to short sell in an attempt to foreclose or offer a deed in lieu?
I will spare you the details on two of these, but would like some input on the following:
I have a home listed at $275K, which is about market value for a short sale (declining area). The 2nd lender, BofA, agreed to accept $5K, which the Chase Negotiator said falls within their parameters as they are willing to offer up to $6K to the second. Everything was going great and the 2nd already issued their approval letter. Then Chase did their BPO.
Now they suddenly want to be "made whole" (or the investor does, per our Negotiator) and are unwilling to do a short sale. Chase's balance is approximately $308K and the value of the home is about $275K. I am 100% certain no BPO agent would value the property that high and I have had other situations with Chase where an investor (FNMA) took a BPO and increased its value based on their own internal parameters. So in this case, it looks like a very clear cut way of saying "We'd rather foreclose."
Who do I contact to get this resolved?
Tags:
Robin, I've wondered the same thing. Submitted offer for $250,000. Chase countered at $315K (hah!). Buyers came up to $275K (market value). Chase came down to $290K (still way too high). Stand-off for weeks. Chase would not budge. Buyer finally gave up. I sent comps 3 different times. What's odd, tho, is after all this, the negotiator said the Sellers qualify for HAFA and he sent them the forms for that -so now we're going that way. Hopefully a new BPO/appraisal will solve the pricing problem.
Re: that blog about IndyMac - I've had better luck and friendlier negotiators at IndyMac than I have at Chase.
© 2024 Created by Short Sale Superstars LLC. Powered by
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.