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Again, several numbers. Let me know what you all have, and we can clean it up....
5,189 views
<p>
Again, several numbers. Let me know what you all have, and we can clean it up.
</p>
<p>
<br />
</p>
<div>
<p style="padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; margin-top: 0.7em; margin-right: 0px; margin-bottom: 0.7em; margin-left: 0px;">
<span class="Apple-style-span" style="color: rgb(51, 51, 51); font-family: arial, Tahoma, sans-serif;"><a href="https://www.chase.com/chf/mortgage/hrm_otheralt" style="padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; color: rgb(28, 77, 144); text-decoration: none;" target="_blank">https://www.chase.com/chf/mortgage/hrm_otheralt</a></span>
</p>
<p style="padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; margin-top: 0.7em; margin-right: 0px; margin-bottom: 0.7em; margin-left: 0px;">
<span class="Apple-style-span" style="color: rgb(51, 51, 51); font-family: arial, Tahoma, sans-serif;">SHort sale info: <a href="https://www.chase.com/chf/mortgage/hrm_faqs" style="padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; color: rgb(28, 77, 144); text-decoration: none;" target="_blank">https://www.chase.com/chf/mortgage/hrm_faqs</a></span>
</p>
<p style="padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; margin-top: 0.7em; margin-right: 0px; margin-bottom: 0.7em; margin-left: 0px;">
</p>
<p style="padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; margin-top: 0.7em; margin-right: 0px; margin-bottom: 0.7em; margin-left: 0px;">
<span class="Apple-style-span" style="color: rgb(51, 51, 51); font-family: arial, Tahoma, sans-serif;">HAFA info <a href="https://www.chase.com/chf/mortgage/hrm_hafa" style="padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; color: rgb(28, 77, 144); text-decoration: none;" target="_blank">https://www.chase.com/chf/mortgage/hrm_hafa</a></span>
</p>
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<span class="Apple-style-span" style="color: rgb(51, 51, 51); font-family: arial, Tahoma, sans-serif;">Short Sale Packet:</span>
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<span class="Apple-style-span" style="color: rgb(51, 51, 51); font-family: arial, Tahoma, sans-serif;"><a href="https://www.chase.com/chf/mortgage/hrm_shortsaleinfo" style="padding-top: 0px; padding-right: 0px; padding-bottom: 0px; padding-left: 0px; margin-top: 0px; margin-right: 0px; margin-bottom: 0px; margin-left: 0px; color: rgb(28, 77, 144); text-decoration: none;" target="_blank">https://www.chase.com/chf/mortgage/hrm_shortsaleinfo</a></span>
</p>
</div>
<p>
<strong>Short Sales:</strong>
</p>
<p>
<font size="2">800-446-8939 or 800-848-9136 (PHONE for short sale)</font>
</p>
<p>
<font size="2"><span class="Apple-style-span" style="font-family: arial, Tahoma, sans-serif; color: rgb(51,51,51); font-size: 12px">800 - 848-9380 (status updates)</span><br />
<br />
866-282-5682 or 614-422-7912 (FAX for Authorizations)</font><br />
<em>(as of 12/21/09 got more numbers for Authorizations:<br />
904-462-1925 or 904-462-1926)</em>
</p>
<p>
<br />
<font size="2">614-422-7259 or 866-271-8709 FAX for short sale packages)</font>
</p>
<p>
<strong>CHASE RECOVERY DEPT:</strong> <font size="2">800-834-9218 (phone)</font>
</p>
<p>
<font size="2">__________________</font>
</p>
<p>
</p>
<p>
Email extensions:
</p>
<p>
<a href="mailto:first.last@chase.com">first.last@chase.com</a>
</p>
<p>
<a href="mailto:first.last@jpmchase.com">first.last@jpmchase.com</a>
</p>
<p>
Now I'm seeing middle initials <a href="mailto:first.middleinitial.last@chase.com">first.middleinitial.last@chase.com</a>
</p>
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11/18/09 7:49 PM
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8/16/10 8:21 AM
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Wells Fargo (1st loans):
Short Sale Phone: 866-903-1053
Short Sale Fax: 866-359-1975...
2,503 views
<p>
<u><strong>Wells Fargo (1st loans): </strong></u>
</p>
<p>
Short Sale Phone: <font size="2">866-903-1053</font><br />
Short Sale Fax: 866-359-1975<br />
</p>
<p>
Authorizations: 866-917-1877<br />
</p>
<p>
<em>(They have a financial worksheet packet, plus addendums that need to go with every short sale, I will try to find where I can upload this)</em>
</p>
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11/14/09 10:35 AM
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8/6/10 4:15 PM
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Countrywide (now BAC/ Bank of America):
Short Sale Phone : 866-880-1232
Short Sale Fax:...
5,359 views
<p>
<u><strong>Countrywide (now BAC/ Bank of America):</strong></u>
</p>
<p>
Short Sale Phone : 866-880-1232<br />
Short Sale Fax: 888-491-4947
</p>
<p>
Authorizations: 805-520-5019
</p>
<p>
Also, now they say they would not start short sale until the homeowner called directly the homeowner assistance line: 800-669-0102
</p>
<p>
</p>
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11/14/09 11:03 AM
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7/9/10 12:20 AM
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Citimortgage
(Citi has MANY numbers it seems, so if you have others that have worked, please sha...
2,819 views
<p>
<u><strong>Citimortgage</strong></u><br />
<em>(Citi has MANY numbers it seems, so if you have others that have worked, please share!)</em>
</p>
<p>
"Short Sale Hotline:" 866-520-5499
</p>
<p>
<font size="2">Other Short Sale Numbers: 866-680-8631, 866-713-4785<br /></font><font size="2">Short Sale Fax: 636-261-7709, 636-261-7706, 866-704-8050</font>
</p>
<p>
<font size="2">Authorizations: <font size="2">866-675-5772</font></font>
</p>
<p>
Short Sale (2nds): 866-520-5499
</p>
<p>
Workable Solutions package<a href="https://www.citimortgage.com/Mortgage/body/help/CitiMortgage_Financial_Application.pdf">LINK to PDF</a>
</p>
<p>
Or Clients can complete <a href="https://www.citimortgage.com/Servicing/workableSolution.do">online</a>
</p>
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11/14/09 10:21 AM
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7/8/10 11:01 AM
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Sun Trust has a Short Sale Guide (LINK) for homeowners to complete which include the financial state...
1,271 views
<p>
Sun Trust has a <a href="http://65.175.93.226/LossMit/ShortSale.pdf">Short Sale Guide (LINK) for</a> homeowners to complete which include the financial statement plus their specific addendums required. It also recaps their process and timing. Good info for realtor and homeowner.
</p>
<p>
Loss Mitigation Dept:
</p>
<p>
800-443-1032 Press Option 3 (PHONE for SS inquiries.
</p>
<p>
804-675-7399, Attn: Setup (FAX for short sale package)
</p>
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11/18/09 8:08 PM
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5/13/10 9:31 AM
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I have been working on a short sale in Ketchum, ID (Sun Valley Resort area). The lender is Flagsta...
22 views
<p>
I have been working on a short sale in Ketchum, ID (Sun Valley Resort area). The lender is Flagstar Bank. They just had an appraisal done with a local appraiser. They insisted that she not include Short Sales or REO sales to arrive at "fair market value". The appraiser didn't like this and even though she followed these instructions she put another value in her notes explaining her position. At the moment I don't know what that number is. In any event, Flagstar's value is totally unrealistic and 20% higher than the solid cash offer we have. I pushed back on this but Flagstar is insisting that I present this counteroffer to the buyer and if he doesn't accept they will foreclose. I have explained that no one will buy the house at the value they are presenting and they will lose more money foreclosing than accepting the short sale. I need to escalate this. Does anyone know who the right executive is that I could contact?
</p>
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9/3/10 5:43 PM
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Has anyone dealt with this? I have a FHA Short Sale we are working with BofA and the owners original...
32 views
<p>
Has anyone dealt with this? I have a FHA Short Sale we are working with BofA and the owners originally did a Loan Modification about a year ago and FHA paid out over $17K to bring the mortgage current and added this as a second mortgage. The homeowner lost his job and has since relocated. We have been working the short sale and we've just been informed by the negotiator that the second needs to be paid in full but they will still need to meet their required net which is currently at 86% of APV. I am going to call HUD about this in the morning as this doesn't sound right to me and when I addressed this with the negotiator he requested he and his manager be given time to look into this. The appraised value of the property is $110K, to pay the $17K and allow the required net the purchase price would need to be increase to close to $130K, or $20K above their appraised value! Current offer is already $9K above their appraised value!
</p>
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9/2/10 2:27 PM
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9/3/10 5:41 AM
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I came across a bit of information today that I thought everyone might enjoy, or not.
Apparent...
99 views
<p>
I came across a bit of information today that I thought everyone might enjoy, or not.
</p>
<p>
Apparently, Freddie, Fannie and HUD have all approved streamlined short refinancing programs. In case your not familiar with the term; a short refinance is when the lender/investor refi's a loan that is underwater by reducing the principle to 100% Loan to Value.
</p>
<p>
I heard this could be coming into affect as soon as 2011. What's even more interesting is how lenders will solicit these refi's. They will wait until an agent or other 3rd party sends in a short sale request, and then take that opportunity to call the homeowner and suggest a short refi instead.
</p>
<p>
Anyone else come across this info, or have anything to add?
</p>
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8/31/10 3:42 PM
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9/3/10 5:01 AM
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That was in 2006 when daughter and her husband could not qualify without her parents getting involve...
151 views
<p>
That was in 2006 when daughter and her husband could not qualify without her parents getting involved as co-signers. It was a non-recourse loan from Countrywide at the time, property is located in Carlsbad, California. Parents did not live with them, they have their own paid-off home. Now, daughter and husband thinking about doing short sale (my advice) or just walk away per advised by their friends. Daughter is very worried for her parents about ramification of taking either route, short sale or foreclosure. Per my advice, she consulted with a tax attorney in Irvine, California and was advised to foreclose! Attorney told her, parents do not have to worry. Really? Has anyone of you had previous experience in a similar situation? I would appreciate to hear from you.
</p>
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8/31/10 9:39 AM
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9/2/10 5:40 AM
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I saw this today in a CAR newsletter today. Thought it was interesting...
Fannie Mae creates...
51 views
<p>
I saw this today in a CAR newsletter today. Thought it was interesting...
</p>
<p>
<strong>Fannie Mae creates Short Sale Assistance Desk to assist REALTORS®</strong><br />
Fannie Mae, in cooperation with participating MLSs across the nation, recently developed the Short Sale Assistance Desk to assist real estate professionals with handling issues that may arise following a short-sale offer. Post-offer short sale issues may relate to servicer responsiveness, the existence of a second lien, or those involving mortgage insurance.
</p>
<p>
The Assistance Desk will collect and submit information to Fannie Mae using a dedicated submission form on the member's MLS Web site. The form then is submitted to Fannie Mae with data to help improve valuations and make quicker decisions regarding short-sale requests.
</p>
<p>
The Assistance Desk is designed to assist real estate professionals in cases where the standard approval channel has slowed down, and where Fannie Mae's intervention may serve as a means for progress towards a resolution. The Assistance Desk is not intended to replace the standard approval channels, nor is it intended to serve as a compliance or enforcement function, or as a potential appeal for decisions the real estate professional believes to be unfavorable. <br />
REALTORS® who would like their MLS to take advantage of the Short Sale Assistance Desk, should contact their MLS directly.
</p>
<p>
<strong>Suzanne Green</strong><br />
<a href="mailto:HomesBySuzanne@gmail.com">HomesBySuzanne@gmail.com</a>
</p>
<p>
cell: 951-377-6394<br />
fax: 951-880-1521<br />
<a href="http://www.SuzanneGreenRealtor.com">www.SuzanneGreenRealtor.com</a>
</p>
<p>
DRE#01798121
</p>
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9/1/10 7:37 PM
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Someone asked me a question and I thought I'd bring it here to see how you all handle these situatio...
152 views
<p>
Someone asked me a question and I thought I'd bring it here to see how you all handle these situations . In this case, a particular bank wants 15,000 to settle their second and will waive all remaining rights to deficiency. Seller will contribute 4k, 1st is contributing 8k, and guess who is to contribute the rest? Yes, the agents.
</p>
<p>
Bank told seller this is normal and that "all realtors do this" to make the deal work, that "everyone" has to give a little.
</p>
<p>
Have you had this happen? Are you willing to contribute to "make the deal work?"
</p>
<p>
Is it the agent's responsibility to pull it together? Do we make enough, that throwing 1% to the deal is "better than nothing?"
</p>
<p>
What do you all think? What arguments for or against this technique do you utilize?
</p>
<p>
<br />
</p>
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8/30/10 2:27 PM
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9/1/10 10:04 AM
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I am wondering too if the banks have any motivation to approve short sales. We have an offer in sin...
37 views
<p>
I am wondering too if the banks have any motivation to approve short sales. We have an offer in since the beginning of April, the trustee sale had to be postponed 2 times already. We informed the bank that the buyer is going to save $8,900 if the short sale was approved by August 31 because of the special B of A is running. We have not received any information that leads us to believe that this miracle will happen by tomorrow.
</p>
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8/30/10 10:19 PM
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Do you guys think the lenders are motivated to do short sales? What about the 2nd lien holders? I...
35 views
<p>
Do you guys think the lenders are motivated to do short sales? What about the 2nd lien holders? I always thought foreclosure was their last resort, but considering the lack of cooperation I am getting, I am beginning to wonder. What do you see as the lender's motivation?
</p>
<p>
I have an offer being negotiated with Wells Fargo right now, the new appraisal they ordered isn't back yet, and they won't postpone the foreclosure set for Sept. 7. They have had the offer since 5/22/10 and I have customers ready to submit new offers if Wells rejects the one they are reviewing. To complicate it, Bank of America has a 2nd for $52,000. I really wonder if any of the lenders want to make these deals happen. What do you think?
</p>
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8/30/10 7:38 PM
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So, I get questions all the time asking how I get my short sale listings. It made me also wonder ho...
290 views
<p>
So, I get questions all the time asking how I get my short sale listings. It made me also wonder how all of you market for your short sale listings. My biggest tool is my blog and I get 95% of my short sale listings from my blog.
</p>
<p>
How about you?
</p>
<p>
I have heard some have success with postcards or letters to homeowners in default. Do you do this? Are you willing to share what has worked?
</p>
<p>
Some get the default lists from the county and door knock.
</p>
<p>
Some work with attorneys and get referrals.
</p>
<p>
What do you do? What works in your market place?
</p>
<p>
If you have an example of a postcard or letter you'd be ok to share, you can use box.net to upload a pdf and post a link (just an idea, there are other programs to do this)
</p>
<p>
I just thought this would be a great idea to share ideas and get a conversation going.
</p>
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8/27/10 9:45 AM
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8/30/10 12:09 PM
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I read with interest, this article about Chase threatening a lawsuit against some Keller Williams ag...
66 views
<p>
I read with interest, this article about Chase threatening a lawsuit against some Keller Williams agents as they had videotaped a discussion related to their dealings with Chase. I too have been threatened by Chase by discussing my bad experiences, and I know some of you also have been...
</p>
<p>
Isn't this interesting? They are just like the million ton gorilla, doing whatever they want, and threatening lawsuits against the "little guy" out here trying to help THEIR borrowers resolve a problem...
</p>
<p>
<a href="http://www.inman.com/news/2010/08/23/short-sale-team-singles-out-lenders">http://www.inman.com/news/2010/08/23/short-sale-team-singles-out-lenders</a>
</p>
<p>
<--- link to article, ,though I'm not an inman subscriber so can't read the whole thing.
</p>
<p>
<br />
Thoughts? Is Chase REALLY getting better as some have said?
</p>
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8/26/10 8:53 PM
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8/26/10 11:57 PM
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