CHASE JR LIEN HOLDER IMPOSSIBLE TO WORK WITH IT ?

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??

To be clear , you mentioned it was the second mortgage holding up the closing of your short sale right. well this techniques that banks have to hold you by /back. have been used for a while, is the second a heloc, or is it a sub prime?. where they the original lenders or was it transfered to them. in short, start loggin names, of negotiator, supervisors managers of that department( try to talk to them , if no success) , Warn them that the seller is considering Bankrupsy, if so have Bankrupsy attorney(if any) give them a call. report them to the BBB, and attorney generals office in your state, down load the complaint forms and fax it to them, ask them to please verify their info before you submitt the complaint. Claiming unffair practices. one of the reasons they do this is becouse short sale bank have the right to pull the sellers credit during a short sale negotion.if they/Bank sees he is keeping up with other credit payments, bank will determine that the seller is concern not to hurt his credit any further. Officialy Hafa Starts first week in April, unfortunally no one knows yet how many banks will sign up, to participate. Yes , you are to be friendly and courtious with the LOSS Mitigation Deptmt. But there are times that you have to get upset, but never loose control. Unfortunally these and other techniques are not learn at short sale certification school, you learn as you go along.

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Comments

Luis Gonzalez March 17, 2010 at 4:27pm

Keep us updated on your progress, , question, how much did the first agreed to pay the second? , also Even though, the first agreed to take your short sale price, it does not mean you have a sold price, in other words, not until you have in hand a written approval from both banks, you have a 100% approval, right now you have 80% approved. Do you also have the buyers?. even if you do or you dont , the negotiation still continues, if you are able to negotiate the second to a set amount of less than $10K ideal $3K , you could ask the first for more money. they might agree , also have the buyer contribute some money. you can contact me if you wish. i talk better and faster than i could write. Good luck
Randi Owen March 17, 2010 at 1:19pm

Luis,
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.
Luis Gonzalez March 17, 2010 at 10:39am

To be clear , you mentioned it was the second mortgage holding up the closing of your short sale right. well this techniques that banks have to hold you by /back. have been used for a while, is the second a heloc, or is it a sub prime?. where they the original lenders or was it transfered to them. in short, start loggin names, of negotiator, supervisors managers of that department( try to talk to them , if no success) , Warn them that the seller is considering Bankrupsy, if so have Bankrupsy attorney(if any) give them a call. report them to the BBB, and attorney generals office in your state, down load the complaint forms and fax it to them, ask them to please verify their info before you submitt the complaint. Claiming unffair practices. one of the reasons they do this is becouse short sale bank have the right to pull the sellers credit during a short sale negotion.if they/Bank sees he is keeping up with other credit payments, bank will determine that the seller is concern not to hurt his credit any further. Officialy Hafa Starts first week in April, unfortunally no one knows yet how many banks will sign up, to participate. Yes , you are to be friendly and courtious with the LOSS Mitigation Deptmt. But there are times that you have to get upset, but never loose control. Unfortunally these and other techniques are not learn at short sale certification school, you learn as you go along.
Sally March 15, 2010 at 9:49pm

I'm not sure how this HAFA Programs works for homeowners in foreclosure, but I believe Chase is participating in the HAFA Program. I understand they can not auction off a property until the homeowners go through the HAFA program to see if they qualify for a loan mod first. Your client should of gotten a notice in the mail for the loan modification request.

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.
Cynthia McKenna March 15, 2010 at 4:30pm

It is all in the numbers, if they feel that they can get more the foreclosed way, that is what they go for!
ivan acebo March 15, 2010 at 1:24pm

CHASE SUCKS! They denied one of my clients a short sale a few months ago. They straight up told me that they were going to proceed with the foreclosure.

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