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Chase
Short Sale Report
| Time to Acknowledge |
Time to Approve |
Commissions | Full Release Available |
Comments |
| 3-5 days | 60+ days | 5% | yes |
1sts - Chase has been pretty good to work with, but sure do move at a slow pace much of the time. They are trying to integrate the WaMu portfolio but do a much better job on the Chase files than the WaMu files.
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 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. 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.
Comments
Chase has taken over WaMu accounts. Their problem is bigger than finance and is operational. The back office operations of WaMu were chaotic, and a year later the current Chase management seems unable to attract and retain talented people to clean up the WaMu swamp. They don't have compensation plans that reward closing deals - so deals don't get completed. They literally change process so frequently that they are unable to assess non-performing assets to decide to hold or dispose of them. The delays are costing Chase doubly as mortgage payments are missed and mortgage assets decline in value.
After a year of frustration I've had to pursue them from the CEO's office, and discovered that even their Executive Resolution Group literally has no visibility between operations in Jacksonville, Chatsworth, and South Caroline. If I had Chase stock I would sell it, because I see no interest or capability to dispose of the non-performing and toxic WaMu assets to provide the highest yield to the bank.
I just finished a short sale involving a Chase 2nd on 11/5/09 and they were a nightmare. Chase dragged their feet and the process took over 90 days. The 1st lienholder negotiator had to escalate 2 levels up from the original negotiator to get any sort of decisions made from Chase. They originally wanted 40-50% of the balance to settle. They finally settled for 18%. My last payment was due on 10/30, and I had $5500 of my own money in escrow toward the payoff as a condition for them to release the lien, so I couldn't afford an additional interest payment to avoid a 30 day late. Chase conveniently delayed causing us to close on 11/5, then reported a 30 day late. On top of that, they reported a "charge-off" on my credit rather than a "settled" or "paid for less than original balance", even though the short sale approval said they would release the lien and forgive the balance with the agreed upon settlement payment. Bottom line, Chase plays dirty so be prepared.
i am a realtor who due to sharp decline in my market i was forced to file bankruptsy the house is sale pending my short sale rep Richard Denk had been helpful through this long process final approval was to com yesterday the short sale is declined because my broker of 16 years cannot receive payment although he paid for advertising constantly since 2006 to sell this house . I get why i am not due compensation . but i work for him and the house is sale pending on mls under Madison County Realty and i have forfeited my commission for this sale
Iam
mls under Madison
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