Here is my story you tell me your opinions.
Sep 2009 COMPLETE short sale package is sent to both first and second. First lien holder receives it uploads in there system and within 3 weeks we have a negotiator. Chase on the other hand, I call they verify the package has been uploaded in there system however it takes 4-6 weeks for a negotitaor. Here we are in January and we finally get a negotiator assigned. She goes through the file everything looks good,no other documents needed she wants to know what the first will offer them to release the lien.
I send over the HUD again with the dollar amount the first will give. She verbally agrees to it, I ask for a letter of approval with those terms she says she has to send it to review and I should hear back soon. Well 3 weeks later after numerious calls and emails she finally emails me back and says OH I DONT HAVE THIS FILE ANYMORE I SENT IT TO THE RECOVERY DEPARTMENT,SO YOU NEED TO CONTACT THEM. Im like really in the middle of all our negotiating you sent it to another department"? She said yes didnt give me any info on who to contatct or any contact info.
I call Chases 800 number and find out who to contact after another week or so the recovery department finally answers. Of course he's rude and arogant. He askes me to resubmit the whole package again and call him back on Tuesday. Well Tuesday,Wed,Thurs,fri,Mon you ge the idea roll around and of course he doesnt answer and no one else can give me answers. Finally 3 weeks have gone by and he answers and claims he hasnt recieved anything,so I resent it MAGICLLY this time he receives and askes me to call back again on TUesday. So I do and to my surprise he wants $40,000 for a full release or $20,000 for release of lien with the seller signing a note. Im flaburgasted considering the seller only owes less than $70,000 on the second. He will not budge on the figures. He says and I quote " I gave you the 2 numbers I will accept either you pay one of those or we close the file out,I will not accept anything less we have already charged off the loan as a loss and so we dont need to negotiate further. Im completley speechless, here we have a willing and able buyer no closing costs,20% down etc a seller who is desperate to get out from under his feet and a bank who is completley unwilling to help. I feel Chase doesnt really care about these homeowners... What are your thoughts??
Comments
Great advise I will try. It is a second lien they have an 80/20 not a heloc,and this is the original bank the loan was never sold or transfered.
With you sending in the documents on a short sale to the lender(s), they do give the lender(s) an idea on whether the homeowner qualifies for a loan mod or not.
When it goes to short sale, I understand the offer price has to be of fair market value. .... Always good to have some back up in case the first offer is too low for the lender.
One more thing, when a homeowner participate the HAFA program on the loan mod and can not qualify for the loan mod, the lenders can not ask for an outrageous amount on the second, if the homeowner does the short sale. The clock starts for the auction block from here on.
You may want to get your clients to go through the HAFA program to get your short sale close. Here is the link to the HAFA program - http://www.makinghomeaffordable.gov/modification_eligibility.html
A couple of my co-workers are using this first to help the homeowners, before they take on the short sales. They are very good at it. Does bring in a lot of work as well as business and income.