Replies to This Discussion

Permalink Reply by Lisa Helweg on August 19, 2010 at 8:03am

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

Attachments:

• Opt Out Letter - Example.doc, 25 KB

Permalink Reply by Jennie Blackburn on August 19, 2010 at 8:17am

This is great information, Lisa. Thank you for sharing!!

Permalink Reply by Lisa Helweg on August 19, 2010 at 8:23am

Jennie-

You are quite welcome:)

Caroline - I forgot to mention that I have also found it helpful when I call to confirm receipt of the Opt Out Letter, to ask that they get Supervisory Approval to close the file on the Loan Modification and approve it for Short Sale consideration.

Oh, the hoops they make us jump through! But you will soon be learning the ropes as well:)

Permalink Reply by Caroline Chai on August 19, 2010 at 8:35am

Lisa,
Your op-out letter request for HAFA short sale. Is it better to do HAFA or non-HAFA?
Caroline


Lisa Helweg said:

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

Permalink Reply by Lisa Helweg on August 19, 2010 at 8:58am

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

Permalink Reply by Caroline Chai on August 19, 2010 at 10:14pm

Thanks for the explanation. It helps a lot.

Lisa Helweg said:

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

Permalink Reply by Patti Lyles on January 11, 2012 at 2:09pm

Caroline, THX for post This was just used. Thanks so much