Chase short sale package

Replies to This Discussion

Permalink Reply by Gail Johnson on January 28, 2010 at 4:59pm

Tracy
Currently working on a Chase short sale in Colorado. Could u supply the name and number as referenced below?
Thanks in advance.
If you are by chance in Colorado, I can give you his name and number.

Tracy Howard said:

Hi, Jeffrey,
Nope, the guy I have dealt with on two shorts has never asked for updates of any kind. They do updates on the BPO, of course, but that doesn't require anything from me, except to meet the BPO broker at the site. When I initially asked him what he wanted in the short sale package (it never hurts to ask), he said he wanted pictures of the property, the HUD-1, the MLS sheet, and the contract, period. So, that's what I sent him. He never requested anything further from me, and each deal was done in about 45 days, with closing in about 60. Unfortunately, he works only in Colorado. If you are by chance in Colorado, I can give you his name and number. But, I haven't had a Chase short in a while, so things may have changed by now.

Best wishes,
Tracy Howard

Jeffrey Smith said:

Hi Jeff-
I haven't found they need anything unusual except that I have a case where the LM asks me for updated stuff, "reviews" it for 30 days and then asks for updated stuff again "Current within the last 30 days" I try to be nice about it but Has anyone had this experience with Chase, or more specifically the LM Crystal Lockridge?

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Permalink Reply by Cheryl Bray on January 28, 2010 at 6:21pm

I just closed a short with Chase as the 2nd TD. They settled with a 10% 1st TD contribution on the outstanding 2nd TD loan balance plus 5k seller contribution.

Prior to submitting the file, I requested an itemized list of short sale requirements and recieved a very specific punch list in return. Following is copied exactly from a Chase Document:
1) realtor contact info
2) HUD 1 estimate net sheet
3) Fully executed purchase agreement
4) Buyer preapproval letter/earnest money verification
5) fully executed listing agreement
6) Seller hardship letter
7)Copy of 1st lienholder borrower statement
8) borrower authorization letter
9) most recent 2 pay stubs from seller
10) most recent 2 years tax returns with all schedules and P&L if applicable
11)Two months current bank statements/four months if self employed
All asset statements (401k/IRA/etc)

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Permalink Reply by Tracy Howard on January 28, 2010 at 9:58pm

Hi, Gail,
I can supply his name and number tomorrow. I'm at home right now and I have that file archived on my big hard drive at the office. I will send it to you.
Hope it helps, and hope he is still there.
Good luck,
Tracy Howard

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Permalink Reply by Tracy Howard on January 28, 2010 at 10:01pm

If he isn't there anymore (it's been several months since I dealt with him), I also have the name of a very helpful person in the modification department in Dallas, who can direct you to the person you need in California. She can give me or you the information. In my list of stuff requested, I see I omitted the hardship letter. Duh!! But, that and the list I already gave is ALL he wanted.

Tracy

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Permalink Reply by Margaret C. Taylor on February 4, 2010 at 3:19pm

How long is it taking to get to a negotiator when the SS packet appears to be complete? How do you get passed the 'front reception line'? Thanks Margaret C.

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Permalink Reply by joanna on February 7, 2010 at 11:46am

Hi - Any chance I can get the Chase short sale name/number person? Thanks for all this helpful information

Gail Johnson said:

Tracy
Currently working on a Chase short sale in Colorado. Could u supply the name and number as referenced below?
Thanks in advance.
If you are by chance in Colorado, I can give you his name and number.

Tracy Howard said:

Hi, Jeffrey,
Nope, the guy I have dealt with on two shorts has never asked for updates of any kind. They do updates on the BPO, of course, but that doesn't require anything from me, except to meet the BPO broker at the site. When I initially asked him what he wanted in the short sale package (it never hurts to ask), he said he wanted pictures of the property, the HUD-1, the MLS sheet, and the contract, period. So, that's what I sent him. He never requested anything further from me, and each deal was done in about 45 days, with closing in about 60. Unfortunately, he works only in Colorado. If you are by chance in Colorado, I can give you his name and number. But, I haven't had a Chase short in a while, so things may have changed by now.

Best wishes,
Tracy Howard

Jeffrey Smith said:

Hi Jeff-
I haven't found they need anything unusual except that I have a case where the LM asks me for updated stuff, "reviews" it for 30 days and then asks for updated stuff again "Current within the last 30 days" I try to be nice about it but Has anyone had this experience with Chase, or more specifically the LM Crystal Lockridge?

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Permalink Reply by Tracy Howard on February 7, 2010 at 12:10pm

Hi, everyone,
Sorry I haven't been on the site in a while. I've been moving my office and haven't had a chance to look at my archives for the information I promised you. I have it on my list of things to do tomorrow (Monday 2-8), and I will put his name and phone number up here as soon as I find it.

Tracy

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Permalink Reply by Neil Leavitt on February 22, 2010 at 6:08pm

Thanks for the info! this was helpful.

Cheryl Bray said:

I just closed a short with Chase as the 2nd TD. They settled with a 10% 1st TD contribution on the outstanding 2nd TD loan balance plus 5k seller contribution.

Prior to submitting the file, I requested an itemized list of short sale requirements and recieved a very specific punch list in return. Following is copied exactly from a Chase Document:
1) realtor contact info
2) HUD 1 estimate net sheet
3) Fully executed purchase agreement
4) Buyer preapproval letter/earnest money verification
5) fully executed listing agreement
6) Seller hardship letter
7)Copy of 1st lienholder borrower statement
8) borrower authorization letter
9) most recent 2 pay stubs from seller
10) most recent 2 years tax returns with all schedules and P&L if applicable
11)Two months current bank statements/four months if self employed
All asset statements (401k/IRA/etc)

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Permalink Reply by Jerry Focas on February 22, 2010 at 9:59pm

Did Chase allow closing to occur 60 days from their approval of the short sale terms, for a total of about 105 days.

Also, has anyone heard of Chase agreeing to release the borrower from the deficiency.

thanks.

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Permalink Reply by Cheryl Bray on February 23, 2010 at 5:54pm

We did recieve one 30 day extension. I don't have that file handy but I recollect the total time to close after short sale approval was not more than 60 days. Doesn't mean you can't get more time. I know of agents who recieved four and five extensions. Just communicate your reasons why and be persistent.

Jerry Focas said:

Did Chase allow closing to occur 60 days from their approval of the short sale terms, for a total of about 105 days.

Also, has anyone heard of Chase agreeing to release the borrower from the deficiency.

thanks.

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