Replies to This Discussion

Permalink Reply by Ray Snook on December 11, 2010 at 7:39am

Thank you for passing along the idea though!  I will certainly use it in future :-)

Jim Schneider said:

Ray,

the QWR has been used for a number of reasons, but it's main use to us as agents doing short sales is to find out the investor behind the mortgage.

The HUD website suggests,

"

Attention Customer Service:

Subject: [Your loan number]
[Names on loan documents]
[Property and/or mailing address]

This is a "qualified written request" under Section 6 of the Real Estate Settlement Procedures Act (RESPA).

I am writing because:"

then write in what information you would like, say the name and contact information of the investors on the mortgage and the name and contact information of the mortgage insurerers on the mortgage. Then request that the information to be sent to you, or the sellers' attorney, and include the letter of authorization. I'd put the sellers' SS#'s on their too.

 

Call in to the mortgage servicer and ask for the phone, fax, and mailing address for the "correspondence department", I would both fax (because it's faster) and mail (because that's how it's actually supposed to be done) the letter in. BTW this is not my bright idea, all props go to Ben Benita who was kind enough to share it on this board. Good luck.

Jim Schneider

Chicago Suburban Broker

 

Ray Snook said:

Hi Jim

I have not used a QWR before,  I assumed- wrongly it seems- that they were primarily used when the borrower had reason to believe the loan was misrepresented or miss-sold. If you are using them in short sale negotiation where there is no evidence of miss-selling of a loan then I would be extremely grateful for an example QWR if you are willing to share. Would a QWR help me now if Iwere to submit one?

Jim Schneider said:

Another good reason for the Qualified Written Request to be sent in as soon as you list the property. I have, "does the servicer have delegation authority to accept, reject, or counter offer a proposed short sale" in my QWR. The definition is in the question in case whoever get's the letter at the correspondence department doesn't know what delegation authority means.

Permalink Reply by Ray Snook on December 13, 2010 at 7:44am

Just thought I would give everyone an update. I spoke with FNME on Friday and they sent an email to Chase to request postponement (the sale was scheduled for 9.30 today Monday 12/13). 

I called the negotiator this morning and she said there was no notification on the file for a postponement request. I called Exec office and they told me that FNME had originally denied the SS last Wed 8th and yet FNME on Friday agreed to send a postponement request! 

So I then called the foreclosure attorney and spoke with them and explained the situation. I don't know who actually made this happen, FNME, execs, me or whoever but the sale date is postponed to 1/11.

Hallelujah!

Permalink Reply by Ute Ferdig on December 16, 2010 at 6:41pm

Is this a HAFA short sale?  I know Fannie Mae's HAFA servicer guidelines specify that, without Fannie Mae's written consent, a servicer must not consider or solicit a borrower for a Fannie Mae HAFA short sale if within 60 days of borrower's request for HAFA a foreclosure sale is scheduled.  If it's not a HAFA short sale, it's still possible that Fannie Mae has a similar servicer guideline for non-HAFA short sales, which is not to say that they could not ask for Fannie Mae's written consent.  I doubt Fannie Mae will deal with you directly.  You are probably right that Fannie Mae does not know about it, but it's also possible that they refused to give their consent. 

Permalink Reply by Ray Snook on December 17, 2010 at 6:02am

It is not a HAFA, it is an investment property. When I spoke with Chase Exec team they told me that FNME had actually denied the short sale. When I spoke with FNME they told me to re submit the package directly to them and to tell Chase that I was dealing direct. The sale date was postponed so FNME told me to go back to Chase so I went back to dealing with the negotiator at Chase - who has not responded to messages or emails for the past 4 days!  I wish negotiators worked on commission like we do - maybe they would have more incentive to do their jobs.... you can just tell when you get a good one or a bone idle one, by their attitude when you first speak with them!

Ute Ferdig said:

Is this a HAFA short sale?  I know Fannie Mae's HAFA servicer guidelines specify that, without Fannie Mae's written consent, a servicer must not consider or solicit a borrower for a Fannie Mae HAFA short sale if within 60 days of borrower's request for HAFA a foreclosure sale is scheduled.  If it's not a HAFA short sale, it's still possible that Fannie Mae has a similar servicer guideline for non-HAFA short sales, which is not to say that they could not ask for Fannie Mae's written consent.  I doubt Fannie Mae will deal with you directly.  You are probably right that Fannie Mae does not know about it, but it's also possible that they refused to give their consent.

Permalink Reply by Ray Snook on January 10, 2011 at 6:29am

Well here we are a day before the scheduled trustee sale again (1/11) and Chase have done nothing but give me the run around. It took 3 weeks to finally get a negotiator assigned - file was reopened on 12/10/10 (after being originally closed out) and finally assigned on 1/1/11. I called the negotiator and got voicemail that she was on vacation until 1/4. Called 1/4 and she said she had not got the file yet but not to worry, she would review it as soon as possible and call me back on 1/6. She didn't call, so I did, and got voicemail. Left a message. She didn't return my call. I called again on 1/7 - got voicemail. Again she didn't call. I called Exec office on 1/8. They sent her  and her supervisor an email to call me . She didn't call and neither did the supervisor. I called exec office again on 1/9 and they sent them an email again. 

Negotiator called me this morning at 8am to tell me that I should call the customer service # for status updates and not bother her because she is too busy with all the files she has been assigned. She is still waiting for the investor to tell her whether the sale date will be postponed and I just have to wait and find out tomorrow. If they had done their jobs we wouldn't be in this situation! The message was quite clear that she was ticked off because I had the audacity to try and get her to respond. 

I contacted FNME who said there is nothing they can do and I have to work with Chase.  Fat chance! ..

So.. I just called Customer Service and they tell me that the negotiator requested a postponement of TS this morning. BPO was ordered on 12/17  apparently, although no subsequent report has been filed with Chase. I don't see how the investor can make a decision when they don't even have a valuation!  

Right now I am supposed to just wait and see if the sale will go ahead. It seems to me that there has been something wrong about this file from the very start - it just has not followed the normal process and I have had to fight all the way to get Chase to do anything at all on it. And it seems that even if you keep on them regularly it still does not guarantee they will progress the file. I guess they are called CHASE for a reason!

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