Posted by Larry on July 29, 2003 at 16:01:26:
Thanks for the article it is quite informative!
This guy is VERY knowledgable on Short Sales…
short sale: what’s the TRUTH? - Posted by rm
Posted by rm on July 29, 2003 at 13:57:15:
Spoke with Chase on an FHA loan in default.
Sellers are 4, soon to be 5 months behind.
It was one of those Nehemiah zero-down programs.
Chase call center rep says:
- the home must have been listed for 90 days to even qualify for short sale.
-Short sale package must be submitted at least 30 days prior to short sale.
Using this logic, the homeowner virtually has to list the home the day before they miss their first payment.
While I don’t expect banks to make sense, is this true?
Does it make sense to submit a short sale package in spite of what this rep said?
Re: short sale: what’s the TRUTH? - Posted by James (FL)
Posted by James (FL) on July 29, 2003 at 21:16:51:
I called Chase the other day, faxed them the borrowers auth allowing me to get details on MTG, and asked for a short sale package, and she faxed it right over to me. I am helping the sellers fill it out, and they are gathering the necessary info tomorrow… and I will see what happens. This is an FHA loan also by the way.
James
Re: short sale: what’s the TRUTH? - Posted by Larry
Posted by Larry on July 29, 2003 at 14:17:55:
Chase Bank can be difficult to work with at times but the way around that problem is hang up and call back and speak to someone else in Loss Mitigation again. Eventually you will get to someone who can assist you. I do not know all the details to your scenario but I can only surmise that you are close to foreclosure based on your post. Try to find out what it will take to get them to pull the sale or at least post pone it another month. Sometimes they will sometimes they won’t. Be persistant and get to someone who is a decision maker! I have done several deals with Chase Bank and there are ways around some of their rules, you just have to ask.
HTH
Larry
Re: short sale: what’s the TRUTH? - Posted by TheShortSalePro
Posted by TheShortSalePro on July 29, 2003 at 14:15:22:
The Truth? Chase needs to ascertain that a request for short sale consideration meets several basic tests before it can be considered. The loan must be at least 90 days delinquent, and the property would have to be listed for sale with a licensed real estate broker.
The truth is that an FHA short sale is more difficult, and subject to more criteria than would a conventional short sale. In my experience, FHA shorts can take from 45 to 180 days. In addition to the mortgagor’s eligibility, the ‘deal’ must meet two ratios. Proceeds to the mortgagee must be at least 82% of FMV, AND the FMV divided by the mortgage amount must be greater than 63%. Additionally, junior lienholders are permitted a maximum payoff of $1,000.
This is discussed in “A Short Sale Primer”, and in a recent article, “How To Prequalify a Short sale Candidate”
Re: short sale: what’s the TRUTH? - Posted by rm
Posted by rm on July 30, 2003 at 06:20:09:
Thanks.
I knew that was b…s.
Did it take 48 hours for them to add you to the file so you could talk or were you able to discuss things sooner?
BTW, I intend to pursue this one- let’s keep in touch and compare notes… maybe learn something.
Good luck with your deal.
Re: short sale: what’s the TRUTH? - Posted by TSSP
Posted by TSSP on July 29, 2003 at 14:30:04:
In the case of an FHA short, Chase must adhere to FHA criteria which is quite specific and non negotiable.
Re: short sale: what’s the TRUTH? - Posted by MicheleCO.
Posted by MicheleCO. on July 31, 2003 at 24:33:46:
Where can I get those articles? MicheleCO.
Re: short sale: what’s the TRUTH? - Posted by Larry
Posted by Larry on July 29, 2003 at 14:42:53:
Your point is well made but I still have had some success with Chase when it came to persistance.
By the way where are those artilces located in your original post “A Short Sale Primer”, and in a recent article, “How To Prequalify a Short sale Candidate” at? I tried to do a seach and the a Ctrl-F on the article page and came up with nothing on the two articles.
I sure would like to read them.
-Larry
Re: short sale: what’s the TRUTH? - Posted by TSSP
Posted by TSSP on July 29, 2003 at 14:57:55:
I emailed the article to you via private email.
can I have a look at that article? - Posted by tang-0-rang
Posted by tang-0-rang on July 29, 2003 at 20:30:01:
I would also like a copy please.
Thanks for your time.
Todd Williamson…(CO)