Contacts at EMC Mortgage - for JP Morgan Chase
Does anyone have a good contact in Loss Mitigation at EMC? Our negotiator is refusing to extend an approval letter beyond the 30 days (today is the deadline) it was good for. We ran into a few unforseen events with repairs and a really bad underwriter which held us up for a few extra days. Docs are at title and the negotiator is refusing to extend the approval letter for 3 days! We messed up his month's end quoata and now he's a little upset... Any contacts at EMC/Chase would be greatly appreciated!
Replies to This Discussion
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Permalink Reply by Sheralyn Lewis on
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He is very quick at responding. I think he was just playing hardball to see if we could pull it off. I was able to find a manger who actually answered his phone and took care of it for me.
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Do you people on this board really enjoy helping the banks steal people's homes? I hadn't heard the term 'parallel foreclosure' until it happened to us. Before we knew what was happening, Chase had auctioned our house to B of A. It is still sitting empty.
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Permalink Reply by Ghana Bigsby on
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Hello
What state are you in?
What do you mean by "Chase had auctioned our house to B of A"?
Was BOA holding a junior loan on this property?
Boomernerd said:Do you people on this board really enjoy helping the banks steal people's homes? I hadn't heard the term 'parallel foreclosure' until it happened to us. Before we knew what was happening, Chase had auctioned our house to B of A. It is still sitting empty.
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California. EMC / Chase held the mortgages. While stringing us along on a supposed loan mod, they managed to foreclose without having to file a foreclosure suit. They did a trustee sale auction and B of A bought the house for about $100K less than the first. It is now listed at 30% less than B of A paid. This kind of thing is happening to lots of people here and around the country. I don't understand how the banks get away with it.
Ghana Bigsby said:
Hello
What state are you in?
What do you mean by "Chase had auctioned our house to B of A"?
Was BOA holding a junior loan on this property?
Boomernerd said:Do you people on this board really enjoy helping the banks steal people's homes? I hadn't heard the term 'parallel foreclosure' until it happened to us. Before we knew what was happening, Chase had auctioned our house to B of A. It is still sitting empty.
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Wow!
The scenario you describe sounds buzzard to me. I will keep a look out for that. I am located in southern California.
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Permalink Reply by Bryant Tutas on
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Boomernerd. The folks on this sitee are here to help sellers and buyers. We certainly don't condone banks needlessly foreclosing. There is legislation being passed in the ver y near future that will prohibit banks from foreclosing while considering a loan mod or short sale. This should help.
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Permalink Reply by Jeff Payne on
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Boomerand, our main concern as a listing agent is to help the homeowner out of a bad situation. Hate to see thing happen like what happened to you for sure. For the record, I have never helped a bank steal a home :)
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Thanks for the replies. Whether by foreclosure or short sale, people are needlessly losing their homes. Have a nice day.
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Harry, well put. I feel for Boomernerd but the reality of the situation is that if you dont pay you dont stay. Foreclosures do not happen overnight and if it did, Boomernerd may have a great lawsuit
Harry Clay said:I am sorry for your loss, Mr Boomernerd.
But you are exhibiting a complete misunderstanding of the law as it applies in CA.
You held title in CA with a Trust Deed, not a Mortgage. Judicial Foreclosures are the exception, not the rule.
You undoubtedly were sent a Notice of Default, but possibly ignored it, wanting to believe you would receive a permanent Modification, against the odds.
You legally had to be sent a Notice of Trustee Sale after a minimum 90 day NOD waiting period, giving you an additional 21 days minimum to arrange a Short Sale, which you probably didn't want, still hoping for that Modification.
You had a minimum of 111 days total to try to arrange a Short Sale, & avoid Foreclosure.
The fact that no lender is required by law to agree to a Short Sale or a Modification when an owner defaults is none of our doing...that's just the way the laws are written.
You were facing an eventual Trustee Sale from the very 1st day you received your NOD.
If your lender had chosen to go the Judical Foreclosure route, you might actually have been subject to a Deficiency Judgement, if your 1st Lien had been a Rate & Term Refinance.
And like many others, you were quite possibly in denial that the property wasn't so hopelessly updside down, & so seriously in default, & maybe your financial state so severely compromised due to the recession, etc that there was NO WAY the Modification was going to come through...& that you really needed to consider a Short Sale to better help you rebound & get a fresh start, quicker.
Short Sales is what we do here...this is not the Modification forum.
Unfortunately, many people cannot bring themselves to accept the reality of their situation, & they refuse to consider a Short Sale right up until the time the lender takes the house at the Trustee Sale, i.e. Foreclosure.
I often hear folks say "I'll never sell my house!" upon receipt of the NOD.
And they're right...they never do.
But when I drive by again, about 4 months later...the house is vacant, with Foreclosure notices taped in the windows.
This is Capitalism & the Free Enterprise System in its purest form, which almost all American patriots support, until it comes home & smacks them upside the head with a huge dose of reality.
If we cannot afford our house, & we don't really qualify for a Modifcation, & we're in Default...then we have to sell, move, downsize, & shift until we can get control of our finances.
This is what I explain to my clients, as a Short Sale Listing Agent.
But not everybody listens.
Boomernerd said:California. EMC / Chase held the mortgages. While stringing us along on a supposed loan mod, they managed to foreclose without having to file a foreclosure suit. They did a trustee sale auction and B of A bought the house for about $100K less than the first. It is now listed at 30% less than B of A paid. This kind of thing is happening to lots of people here and around the country. I don't understand how the banks get away with it.Boomernerd said:Do you people on this board really enjoy helping the banks steal people's homes? I hadn't heard the term 'parallel foreclosure' until it happened to us. Before we knew what was happening, Chase had auctioned our house to B of A. It is still sitting empty.
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I disagree, homeowners who still have equity in their homes should be not be short saled, it is scandalous to do this to someone.
Jeff Payne said:
Harry, well put. I feel for Boomernerd but the reality of the situation is that if you dont pay you dont stay. Foreclosures do not happen overnight and if it did, Boomernerd may have a great lawsuit
Harry Clay said:I am sorry for your loss, Mr Boomernerd.
But you are exhibiting a complete misunderstanding of the law as it applies in CA.
You held title in CA with a Trust Deed, not a Mortgage. Judicial Foreclosures are the exception, not the rule.
You undoubtedly were sent a Notice of Default, but possibly ignored it, wanting to believe you would receive a permanent Modification, against the odds.
You legally had to be sent a Notice of Trustee Sale after a minimum 90 day NOD waiting period, giving you an additional 21 days minimum to arrange a Short Sale, which you probably didn't want, still hoping for that Modification.
You had a minimum of 111 days total to try to arrange a Short Sale, & avoid Foreclosure.
The fact that no lender is required by law to agree to a Short Sale or a Modification when an owner defaults is none of our doing...that's just the way the laws are written.
You were facing an eventual Trustee Sale from the very 1st day you received your NOD.
If your lender had chosen to go the Judical Foreclosure route, you might actually have been subject to a Deficiency Judgement, if your 1st Lien had been a Rate & Term Refinance.
And like many others, you were quite possibly in denial that the property wasn't so hopelessly updside down, & so seriously in default, & maybe your financial state so severely compromised due to the recession, etc that there was NO WAY the Modification was going to come through...& that you really needed to consider a Short Sale to better help you rebound & get a fresh start, quicker.
Short Sales is what we do here...this is not the Modification forum.
Unfortunately, many people cannot bring themselves to accept the reality of their situation, & they refuse to consider a Short Sale right up until the time the lender takes the house at the Trustee Sale, i.e. Foreclosure.
I often hear folks say "I'll never sell my house!" upon receipt of the NOD.
And they're right...they never do.
But when I drive by again, about 4 months later...the house is vacant, with Foreclosure notices taped in the windows.
This is Capitalism & the Free Enterprise System in its purest form, which almost all American patriots support, until it comes home & smacks them upside the head with a huge dose of reality.
If we cannot afford our house, & we don't really qualify for a Modifcation, & we're in Default...then we have to sell, move, downsize, & shift until we can get control of our finances.
This is what I explain to my clients, as a Short Sale Listing Agent.
But not everybody listens.
Boomernerd said:California. EMC / Chase held the mortgages. While stringing us along on a supposed loan mod, they managed to foreclose without having to file a foreclosure suit. They did a trustee sale auction and B of A bought the house for about $100K less than the first. It is now listed at 30% less than B of A paid. This kind of thing is happening to lots of people here and around the country. I don't understand how the banks get away with it.Boomernerd said:Do you people on this board really enjoy helping the banks steal people's homes? I hadn't heard the term 'parallel foreclosure' until it happened to us. Before we knew what was happening, Chase had auctioned our house to B of A. It is still sitting empty.
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There is NO DISTINCTION between upside homeowners and those who have lived in their home a long time and have built up significant home equity. Anyone without a job CANNOT apply and receive any home equity from their home, even if the home is paid off and they just would like to be able to keep up with bills while looking for new work.
Harry Clay said:
Who said anything about a homeowner with equity being forced into a "scandalous" short sale?
The real scandal is when upside down, underwater & over their head debtors aren't told or shown the truth about their situation, & they don't or can't come to grips with reality, & they end up losing it all in the end, just like Mr Boomernerd, in a futile attempt to hold on to an impossible financial situation.
Parallel Foreclosure said:I disagree, homeowners who still have equity in their homes should be not be short saled, it is scandalous to do this to someone.
Jeff Payne said:Harry, well put. I feel for Boomernerd but the reality of the situation is that if you dont pay you dont stay. Foreclosures do not happen overnight and if it did, Boomernerd may have a great lawsuit
Harry Clay said:I am sorry for your loss, Mr Boomernerd.
But you are exhibiting a complete misunderstanding of the law as it applies in CA.
You held title in CA with a Trust Deed, not a Mortgage. Judicial Foreclosures are the exception, not the rule.
You undoubtedly were sent a Notice of Default, but possibly ignored it, wanting to believe you would receive a permanent Modification, against the odds.
You legally had to be sent a Notice of Trustee Sale after a minimum 90 day NOD waiting period, giving you an additional 21 days minimum to arrange a Short Sale, which you probably didn't want, still hoping for that Modification.
You had a minimum of 111 days total to try to arrange a Short Sale, & avoid Foreclosure.
The fact that no lender is required by law to agree to a Short Sale or a Modification when an owner defaults is none of our doing...that's just the way the laws are written.
You were facing an eventual Trustee Sale from the very 1st day you received your NOD.
If your lender had chosen to go the Judical Foreclosure route, you might actually have been subject to a Deficiency Judgement, if your 1st Lien had been a Rate & Term Refinance.
And like many others, you were quite possibly in denial that the property wasn't so hopelessly updside down, & so seriously in default, & maybe your financial state so severely compromised due to the recession, etc that there was NO WAY the Modification was going to come through...& that you really needed to consider a Short Sale to better help you rebound & get a fresh start, quicker.
Short Sales is what we do here...this is not the Modification forum.
Unfortunately, many people cannot bring themselves to accept the reality of their situation, & they refuse to consider a Short Sale right up until the time the lender takes the house at the Trustee Sale, i.e. Foreclosure.
I often hear folks say "I'll never sell my house!" upon receipt of the NOD.
And they're right...they never do.
But when I drive by again, about 4 months later...the house is vacant, with Foreclosure notices taped in the windows.
This is Capitalism & the Free Enterprise System in its purest form, which almost all American patriots support, until it comes home & smacks them upside the head with a huge dose of reality.
If we cannot afford our house, & we don't really qualify for a Modifcation, & we're in Default...then we have to sell, move, downsize, & shift until we can get control of our finances.
This is what I explain to my clients, as a Short Sale Listing Agent.
But not everybody listens.
Boomernerd said:California. EMC / Chase held the mortgages. While stringing us along on a supposed loan mod, they managed to foreclose without having to file a foreclosure suit. They did a trustee sale auction and B of A bought the house for about $100K less than the first. It is now listed at 30% less than B of A paid. This kind of thing is happening to lots of people here and around the country. I don't understand how the banks get away with it.Boomernerd said:Do you people on this board really enjoy helping the banks steal people's homes? I hadn't heard the term 'parallel foreclosure' until it happened to us. Before we knew what was happening, Chase had auctioned our house to B of A. It is still sitting empty.
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