Comment

Comment by joe beauchamp on November 16, 2011 at 7:39pm

@Walt - 3 points: Chase is paid to "manage" the account, it isn't their money. So the longer that they have the account the more income they have (SS's lose money for them). 2nd, BPO's are notoriously bad. They pay someone $35 from out of state to evaluate the property - what do you expect? 3rd, they believe in this $35 "employee" over anything that you show them because they know everyone who isn't a banker is trying to defraud them.

It's just a bad combination - throw in an "investor" like the bailed out FNMA which has no concern for the taxpayer (the REAL investor now) and what can you expect?  It is a mess, it is handled poorly and they give the power to the servicer who is incented to foreclose, not short sale.  Oh, and look, they'll do a DIL (can't get any closer to foreclosure than that) and they get the property into their REO dept where it sits longer with that high number. $$ for Chase!

Comment by joe beauchamp on November 16, 2011 at 7:26pm

@Debby - I think you have one of those situations where bankers were sloppy.  If I were the homeowner, I'd be looking into suing BOA, etc.  This appears to be a case where BOA has been collecting payments for years and is not on record as the owner of the note.  Judges have awarded all the payments made to be given back to the homeowner in some cases.  This is where/why there is growing interest in QWR's and loan audits.

I believe the title co is correct and BOA's response is typical for them.  You aren't dealing with an all-knowing monolith.  It is often difficult to get to someone who has a clue of what you are talking about - just the bumbling of a bureaucratic "organization".

This is an unusual situation - bypass the usual communications - us @BofA_Help in twitter or call the office of the president.  These people are more open minded and think in broader terms.

[Alternately, if you have the interest and the time, you can go the QWR route and might get a lot of money for the owner so that BOA can get out of their unlawful situation.]

Comment by Debby Thompson on November 16, 2011 at 5:19pm

Sometimes thing don't make any sense. We are doing ar best to get the most for these homes and sometimes we are hitting a wall with the banks.

Comment by Walt Dexter on November 16, 2011 at 5:10pm

Here's my latest, just for your amusement.

Property on a good day, in good condition, might be worth $90K. It's trashed, from top to bottom, leaking roof to black-mold basement.

Balance due on loan is roughly $40K.

Had a short sale offer in the low 30's. Originally Chase countered $72K, then came down to $68K after seeing photos.

Obviously the deal is going to be off. But they're going to send the seller deed-in-lieu paperwork.

It's just me, but it seems like they're going to trade a minor loss ($10K or so) for a property with almost negative worth.

Comment by Debby Thompson on November 16, 2011 at 3:33pm

I am trying to close a short sale with Chase. We have run into a huge problem. Our title is showing Deutsche Bank through the register of deeds. Chase has explained to me that they are servicing this account. OK that is fine show my title company something that shows this. Well our letter head excepting the short sale is enough. No says the title company. Who can help me resolve this issue. You need to call the register of deeds. OK I did that they told me the same thing. Now what do I do. Well you need to call Deutsche Bank. Why I did not do this. Isn't this between you at Chase and Deutsche Bank. I just the realtor trying to close this short sale. Oh yes I have been asking for this for a month. And we are suppose to close on Friday!!! Still what do you want me to do. They gave me a number and it when to VM.... HELP!!!!

Comment by Kevin - Greenville, SC on November 14, 2011 at 7:14pm

According to the National Consumer Law Center - 'Servicers participate, not investors'.

http://www.nclc.org/images/pdf/foreclosure_mortgage/loan_mod/lmp_wh...

Comment by Tara Polley on November 10, 2011 at 10:40am

Not usually, Cindy

Comment by Cindy Chamberland on November 10, 2011 at 10:28am

Hello all! I am wondering if anyone knows if Chase will pay a commission to a buyer who is a licensed real estate agent? Thanks so much!

Comment by Tara Polley on November 10, 2011 at 9:02am

I don't know who that "attorney" is, but none of that is even close to being accurate. Anyone who knows anything about HAMP guidelines understands how/why people qualify or don't, and it is COMPLETELY FALSE that the servicer needs to own the note to participate or approve a HAMP modification. This dissemination of false information is why people are so confused about their options or what is available to them. HAMP and HAFA are different, with different qualifying guidelines, they are both simply sub-programs of the Making Home Affordable umbrella.

Comment by joe beauchamp on November 10, 2011 at 8:46am

From the blog of a forensic audit attorney: "

We’ve all heard about HAMP, but why are very few people actually getting approved for Obama’s Housing Affordability Modification Program (HAMP)?  Besides, it costs the “banks” nothing …so what’s the problem here?

Facts are, the HAMP program was born out of the good intentioned but ill-informed legislators.  You see, Congress assumed that banks were actually doing the right thing…like actually owning the promissory note.  As part of the HAMP requirement (to be able to collect the money that is set aside for distressed homeowners), all the bank has to do is to testify and prove that they own the debt/promissory note.  Simple.  Right?

Well,, by now you should be aware that these “banks” are nothing more than servicers and do not own the debt/note.  And if they don’t own the note, they can not participate in the HAMP program…and so when you try to apply for such a loan modification program to get relief, invariably, you will be denied or be told that participation in the HAMP program is optional…and the lender has decided not to participate in the program.

Is this beginning to make sense now?

They don’t own the note!  And if they don’t own the note, they can not modify the note, nor receive relief from HAMP."

http://www.consumerdefenseprograms.com/updates/page/2/

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