Caroline-
I was recently told by a Chase rep that the client needs to send an Opt Out Letter stating that he would like to opt out of the Loan Modification Program and apply for a short sale. I have attached a copy of a letter that I used recently as an example. Wait one day after you have faxed the letter, call Chase to confirm receipt of the letter, then ask them what they need in the way of documents. Fax the letter to (866) 282-5682 Loss Mitigation
Caroline-
As far as the letter goes, you can remove the reference to HAFA.
As far as HAFA goes, your client is either eligible or ineligible for a HAFA short sale. The basic criteria for eligibility for a HAFA short sale follows:
1) Subject Property must be the Borrower's Principle Residence
2) First Lien Originated Before 2009
3) Mortgage Delinquent or Default is Reasonable Foreseeable
4) Unpaid Principle Balance no more than $729,750
5) Borrower's Total Monthly Payment Exceeds 31% of Gross Income
You can brush up on the HAFA guidelines at the following website: www.makinghomeaffordable.gov
Caroline, THX for post This was just used. Thanks so much
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