Average Days from Notice of Default to Notice of Trustee Sale

289

Average Days from Notice of Trustee Sale to Trustee Sale

70

Total Average Days in Foreclosure

70

Time To Acknowledge

3-5 days

Time to Approve

60+ days

Commissions

Full Release Available

Rarely

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1sts – Our sources agree that they communication is VERY bad. They are hard to reach and the response is slow. They do seem to be uploading their faxes a little faster. They have not recently been giving any full settlement releases. They just do not appear to be reasonable in their requests.

They recently changed their authorization policy and now the authorization must name a specific person and not a company. This may result in a delay since the new authorization must be mailed to the borrower.

2nds – We hear that agents and negotiators are having some unpleasant experiences with Chase on 2nds. The sad truth is that many distressed homeowners have borrowed beyond their ability to repay in an effort to remain current on their home. They have dug a horribly deep hole for themselves — they have few, if any assets, and a pile of debt. And Chase is demanding cash, and I mean lots of it. Many times as much as 50 to 60% of the outstanding balance. They do not seem reasonable on their requests. AGENTS BEWARE: We have heard that they are shameful in their attempt to push Realtors^® to assist in delivering funds to them off of the HUD. If this is true it is unethical and puts the Realtors^® license at risk. We have heard this from numerous sources that also insist they have brought this to the attention of the senior management at Chase without any results.

Loss Mit Dept
Phone: (800) 981-3792 Ext *0 or 877-838-1882

Fax: (614) 422-7259
Loan Servicing: 800-848-9136

https://www.chase.com/chf/mortgage/hrm_shortsaleinfo

This is a direct link to the required short sale packet.
Note: you will also need an affidavit of an “Arms Length Transaction”.