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Chase short sale process

Licensed Real Estate Agent

Jonesboro, GA

February 16, 2009

Hi, gang. I have an offer on a possible short sale. I am the listing agent and my seller has already moved out of state. The lender is Chase. The buyer has a FHA loan pre-qual. Does anyone have experience with Chase? I'd appreciate any insight you can offer. Thanks.

Licensed Real Estate Agent

Petaluma, CA

February 16, 2009

hi,

Chase is AWESOME! approved in 30 days, GREAT communication and even when 1st buyer walked cuz he lost his loan, the negotiator kept the approval open AND took 10k less AND paid 10k in CC! it was a purchase money 1st as well.

Licensed Real Estate Broker

Davie, FL

February 17, 2009

Update: 010/05/2010

CHASE has gone from Awesome to Nightmare. I am not sure if is is just the enormous amounts of requests or because they took over WAMU but CHASE is taking up to 9 months to approved a short sale.

___

Elva,

I agree with Gael. Chase is awesome. I have gotten an approval in then than 2 weeks. I had the best loss mitigator, a pleasure to deal with.

If your file is complete and the offer is for current market value, you should have no problems.

Help lots of people and have a great day!!!

Patty Da Silva, CDPE©, RESS®, AHWD®, e-PRO®, GREEN, CFS, TRC
Broker - Green Realty Properties® - 954-667-SALE

Licensed Real Estate Agent

Cinnaminson, NJ

February 18, 2009

Quoting :

Hi, gang. I have an offer on a possible short sale. I am the listing agent and my seller has already moved out of state. The lender is Chase. The buyer has a FHA loan pre-qual. Does anyone have experience with Chase? I'd appreciate any insight you can offer. Thanks.

Email me, maybe I can help you.

Bart
P. Barton Erickson, e-PRO, SRS
Lamon Associates
700 Route 130 North, Suite 108
Cinnaminson, NJ 08077
Office: (856) 829-8090 x28
Cell: (856) 313-2635
Bart@HouseJeanie.com
www.HouseJeanie.com
http://www.realtown.com/housejeanie/blog

Licensed Real Estate Agent

Jonesboro, GA

March 19, 2009

Okay, here's the deal. I am posting my progress (or lack thereof) with Chase in another thread on page 1 of these discussions.

Quite challenging.

Although they may have been easy to deal with in the past, they are proving to be a nightmare for me, right from the start. I just got the name and number of the analyst that was finally assigned to my package.

The saga continues. For updates, see page 1 discussion of CHASE short sales.

Licensed Real Estate Agent

Ontario, CA

May 22, 2009

I too am having big problem with CHASe to cooperate to release the 2nd lien. The original mortgage was an 80/20 Chase still says they will not release unless the seller makes a large contribution and they will still pursue a deficiency through their recovery department.

Licensed Real Estate Broker

Pleasant Hill, CA

May 22, 2009

I am having a horrible time with Chase. One just got foreclosed by the HOA as Chase for over one month never received the file in their system.. I sent it no less than 4 times, I have confirmations, never in their system.

Another, we have some back HOA dues, back taxes and a 2nd lien holder (also Chase) and Chase on the first will only allow 1000 to any and all secondary liens, so it puts us in a horrible spot. Seller has no money, if buyer moved their price up it would likely not appraise, they already want us to reduce commission. There is just nowhere to go. They are rude and condescending and completely unwilling to help the borrower in any way. Like yours Tony, what I found is that even if we jump thru every hoop they've asked, they are still saying they will retain their right for a deficiency judgement later. This is an original purchase money first and second - why would my client do a short sale at this point? His credit is already shot with 120+ days of rolling lates, collections on HOA and a tax lien. If he does short sale, he may have to deal with them in collections later. If foreclosure he walks away with no possibility of collection action OR tax implication. SO...... why would he do a short sale again? Hmmmm

Licensed Real Estate Agent

Kennesaw, GA

May 22, 2009

Several months back I had a short sale with SunTrust and they had both mortgages on the property. SunTrust agreed to not pursue any deficiency if borrower came to closing with $10,000 to take care of the second. We negotiated down to $5000 and the lien was released without prejudice.Hope this helps you, Tony. Good luck

Licensed Real Estate Broker

Lighthouse Point, FL

May 22, 2009

I have 5 or 6 with Chase and they are all nightmares. Package NEVER gets received after many faxes, many confirmations, and on and on. When they finally do confirm receipt, say on May 19th they say oh yes, we received that package on May 8th! Really...??? They are incredibly difficult, condescending, arrogant and completely unreasonable. My packages are always complete with explanation of howmeowners financials and market analysis. I even pushed one of them to a VP. That one is so egregious the client has reported them and is calling Senator and Congressman. If we want to make a difference and send them a message about how we feel about this treatment of homeowners, don't do business with Chase. :-) Banking, loans, credit cards. They WILL get that message.

Yardley, PA

June 01, 2009

Hi Patty! When you say you received a Chase short sale approval within 2 weeks, Do you mean 2 weeks from the date the negotiator was assigned or 2 weeks from the time you submitted the package? My deal is that my package was submitted April 16 2009, then around May 18th found out that it was submitted to the West Coast office instead of the East coast office and was re routed. Then I was told the package was logged into the system and to check back for the negotiator. It's now June 1 and no negotiator. How long does that take? And then what happens, the BPO ordered?

Thanks!

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