No HARDSHIP Question
Hi, I have a borrower with a CHASE loan and the investor is FMAC - my seller is EXTREMELY upside down, but does not have a hardship. I previously had an approved SS and the seller did not have to come to the table with a cash contribution or sign a promissory note - they did ask for a cash contribution, seller said no, buyer raised his price by $4,000 and VIOLA, we have approval (this was in September-12). Anyway, buyer flaked (read: made a bad investment) and right before our scheduled COE, he walked. Fast forward to today, I have a new buyer (since December) and file is in Equator. Offer is HIGHER than previous offer. Chase indicates that investor wants a $6,600 CASH contribution and seller must sign a promissory note. My seller says no - we're in AZ, his attorney advised him not to. I ask negotiator via equator how about I get buyer to contribute. Next day I get a SS denial. Now file is in Equator and we are starting over...NOTHING HAS CHANGED. Seller still will not pay CASH contribution nor will he sign promissory note. We still have same buyer. My QUESTION is - WHAT IS THE POINT??? I tried escalating with Chase, do I escatlate with FMAC? What should I do??? HELP!
Replies to This Discussion
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Permalink Reply by Tara Samney on
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Could your BPO from the Sept approval have expired and the net needed is higher now?
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Permalink Reply by Karin Christa on
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Camille, Tara may have a point that the value has come up. Needless to say, those are all mute points and typical bank creed. Unless you can escalate to a VP or asset management department, you will fail working with the cookie cutter negotiators and underlings. That has been my experience for the past few years. Else type up a letter briefly detailing the scenario, cc your senator and send it to Chase - would be better if it came from the sellers, they are the ones being penalized.
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