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Chase After The Short Sale Chasing Additional Documents.

Posted by Bryant Tutas on December 19, 2009 at 8:43am
Hi folks. Just when I think I have this Short Sale stuff figured out I run across another issue that has the potential to really place my sellers, the buyers and the agents in a difficult quandary.Yesterday I received a phone message from Chase in relation to a Short Sale we closed on almost two weeks ago. It went something like this "Hi this is Sarah from Chase calling on LN# 11324567. I am preparing the post closing package to send off to the Investor and noticed that I need the last 2 months bank statements from the Borrower. Please fax these over to me by the end of business today or I will return the check and close the file. Thank You."YIKES!!! This call came in at 1:00 in the afternoon while I was out of the office. So needless to say I had to scramble to reach the Seller and luckily she was able to get the statements to me in time. I was lucky because my Seller was in the hospital but just happened to have her relative in town who was able to run around and get this taken care of.The Buyer has already spent about $10,000 rehabbing since he closed on the property two weeks ago.The frustrating part is that Chase had issued the approval and approved the final HUD for closing.This has happened to me 3 times over the last few months. You know....I can understand the Lender requesting additional information after closing to complete a closing file but this threatening to return the check and close the file is really starting to piss me off. AND....they only give you a few hours to solve the problem after it took them 7 months to approve the deal.So....I wonder what would happen if they did return the check and closed the file? The deal has already been closed so I'm pretty sure they can't undo that. Could they? Could they refuse to remove the lien even though all closing conditions were met? What do you think?
Tags: chase, sale, short
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Comments

  • onn January 25, 2010 at 7:09pm
    Hi all,

    I closed escrow 3 days ago and on the 2nd day, I found out that Cthase had sent a third party company, LPS, to replace the deadbolt at my house and technically took possession of the house after the escrow has been closed. I am still trying to find out who sent out this request and trying to understand what is going on with Chase. From hearing your stories, it sounds like my case may be experiencing the same situation where the account may have not been closed yet. Who did you contact to find out if the money has been received and everything is complete. Also, anyone experiencing the LPS taking the possession of the home after close of escrow?

    Please help. Luckily I got my grant deed today in the mail. Can this help prevent them from reversing the sale?
  • Jeffrey Burnham January 1, 2010 at 8:19am
    If it's closed. It's closed. In Nevada, we have something called SPecific Performance. If a seller agrees, and ABSOLUTELY if title has changed hands... then Chase can pound sand.
  • Stephen B. McWilliam December 26, 2009 at 6:41am
    I have heard of similar issues. I suspect there would be some litigation. However, I suspect that the title insurer will bear the brunt of the legal fees and ultimately the Lender would lose (my opinion only) provided the loan was closed in accordance with their payoff authorization.
  • Robin Rowland, GRI, CSP December 20, 2009 at 7:51am
    I received a voicemail message yesterday (Saturday) on a BofA that I closed a couple of weeks ago. They wanted to know the status...did it close, was the escrow still in progress...WHAT???...but, I knew there was an issue Friday because the escrow company called to tell me the check had not been cashed. Long story short, the loan number on the approval letter is no longer correct because in between the time when the letter was issued and c.o.e. it had changed! They couldn't figure it out. Check is MIA but luckily we do have the name now of the person at BofA who signed for it. Hope to have resolved Monday. BUT, your blog is on point....are we going to have to worry AFTER C.O.E. because they are disorganized...or will their approval letters protect us??
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