Chase sucks and so does Amanda Bytler...so rude. if you are ever dealing with her good luck!

No advice - but I am currently in a short sale with Chase, and could not be more frustrated for the complete disregard for my time, and the harm being done to my client. I call every day, fax a packet in once a week, and have had a great cash offer go unnoticed for almost three months. I have my eye on them for the next bank failure if this is how they do business!

Mike Flores in the short sale department, he won't return your call within 24 to 48 hours like he's voicemai says. I have a buyer for my home but he won't take the offer of 50k in which the home is 56k . since march

I am a buyer and I have been waiting for chase approval on a short sale property for 5 months.. THEY REALLY SUCK, if i did not love this house soo much i will back out..

We closed on our home via a short sale three weeks ago. Chase was our second - they were very difficult to work with. At close, Chase received some money from our first lender per the agreement, and then after the  sale closed, we receive a bill in the mail for the full amount of the second. Has this happened to anyone else? Seems either unorganized or deceptive...I will wait to determine which it is.

The irony is that, if you missed a payment to them, Chase would find the time to call you.  That's because it's in their best interest to do so.  It is not necessarily in their best interest to respond to a short sale situation since it means a sure loss.  They're hoping you're bluffing or will find a way to rescue the deal from short sale status.  If you could email these ActiveRain comments to the state senator or representative from the district in which this seller and property reside, you might get some action???

Chase are well just CRAP.  We live in the Uk and have written to the CEO of Chase 5 times regarding the appalling service from their call centre.  We did speak to a manager who told us "though".  We will just give them the keys back and walk away.

Under no condition would I ever use Chase Mortgage! They are unresponsive and almost criminal in their practices. I have a client who has a credit score over 800, is putting 40% down on a $500K home. The loan officer at Chase said he could close the deal in 30 days. At 45 days the loan was under it's fourth review by a fourth underwriter even though the mortgage officer promised docs to the title company a week ago. Caution your clients, regardless of the rate stay away from Chase!

Chase will not help you unless you are behind.  I am a homeowner, and they told me do not pay!  I think that is totally ludicrious as it will harm my credit, but that is the policy that they are advocating.

I am just about to try to short sell my house w/ Chase. Just finding the right person to talk to is tons of calls - I keep getting transferred from dept to dept. Seems because I have borrowed money to make sure I pay my morgage is a disadvantage. Now I have nothing left to borrow so I can't pay next month.

What confuses me is that Chase says it's Gennie Mae who owns my loan and that Gennie Mae gets the the final say on if it's approved or not.

How do I find out if I qualify for a short sale? They told me today that they wouldn't transfer me to the people who know because they are too busy.

Hi Danielle,

Give me a call and we can talk about what your options may be (or shoot me an email).  I only work in WA state and I'm not sure where you are but I can at least try to offer you some advice. 

Keely

Whoops, my number is 206-781-2077, I'm the Broker/Owner here and the original poster of this thread (I guess I'm just not signed in).

Chase is operated by a bunch of moron's.  I don't understand why the underlying lien holders continue to let Chase do the servicing?

Here is what happened when I tried to deal with Chase:

I owed $528K on my first.  Had an offer of $550K ($522K after commissions).  Less than a 2% haricut!!! They denied the offer.  I told them I was not going to make another payment.  They still refused to accept it.  Now, 6 months later I am entering the foreclosure process and I recently got an offer of $450K.  Idiots.

Typical!  Unfortunately your credit will suffer because of Chase not acting on your first deal, Austin.  A couple of more depressing items.  In recent months, the banks are making the clients here in Texas responsible for the defiency on a short sale, which further hurts their credit.  Most banks are taking longer to process the paperwork and many times Realtors are losing the Buyers because it takes the banks extremely too long at times to get us an answer. 

If anyone has a client that has a need for a short sale, Realtors should advise leasing, or if possible contract for deed with 20% down.  Many people don't have good credit but they may have cash to put down on a house.  I have also been successful in helping one of my clients set up his house as a corporate lease.  Or, if you live close to a college, rent it out by room.  Most college students are pretty good about taking care of the place.  The object is to have someone help you pay it off.  How about relatives, neighbors who want to invest, etc.  Come on America, let's start thinking outside the box!

Amanda Bytler is a pain!!! I wanted a new case manager and even spoke to her manager and he said no.

Distressing stuff.  We are actually on the buy side of one of these deals.  Chase has the first and the second to the tune of $1 million.  The house has been on the market for over a year.  We will be putting down almost 40% and we have removed all contingencies from the contract.  Without getting into specifics, any idea on the percentage of FMV that Chase will accept for a short sale?

I have the Loss Mit fax number, it is 866-220-4130.  The number is 800-446-8939, option 4.

They are rude, slow, and this is after they have changed their process!  Unbelieveable.  The rep will not xfer me to supervisor and/or manager to tell me the same thing - 90-120 days to get to a Loss Mit Rep!

The numbers I have are:

Loan Modification 866-550-5705.  

The Loss Mitigation/Short Sale Department is 800-848-9380.

The number to FAX offers to is 866-282-5682.  

The pay off short sale department where offers end up is 800-446-8939 for spanish it is 866-307-8268.

The newest number I just received today is 866-766-2165 for the processing department which is where the offers go to in order to be assigned.  

These are all the numbers I have been given so far and I hope this helps those of you who have been on hold like me for hours and then disconnected.  GOOD LUCK!

This just in: Chase is now requiring that the Fannie Mae loans its services be on the market for 90 DAYS before they will review a short sale offer. I have this in writing from the short sale negotiator Carleesa L. Martin AND her supervisor, Nicol Peters.

They denied our offer on this basis. The property was listed on June 4 and they've done three BPOs, which easily support the offer, but now they say Fannie Mae requires them to have it on the market for 90 days. Of course, the trustee sale date is Aug. 31, so it looks like it'll just go into foreclosure. A real shame.

Can you believe this? I'm a realtor with Century 21. You can contact me at ulysses@torassa.com for more details

My husband and I put an offer on a short sale home financed with Chase Bank on March 19th of 2009. We just passed our 5 month mark and are still waiting for Freddie Mac (the investor) and Chase bank (the negotiator) to get us the approval letter for the first mortgage. We just received the approval for the second mortgage on August 11^th which will expire in 3 days. I am assuming it will take them another 2 months to get us the 1^st mortgage letter since they are doing things at their own pace and if our 2^nd approval letter expires it will be even longer to get that extended. Our rate lock has expired around 4 times now and we have been trying to find a way to keep it current because if we default to today's rate we will not be able to purchase the house. We refuse to be part of the 70% of people who have lost their homes due to payments that are too high.

The economy is struggling and we are trying to do our part in making the come around but how can we help if we are being held up by a company who is too busy to care? We started this with 2 negotiators, one for the first mortgage and one for the second mortgage. We have been through a couple negotiators and supervisors, system uploads, and days of down time with their conversion and we are still we aren't closed yet. This is beyond ridiculous and the emotions that go with the wait are unbearable. We have been led on and promised that we are high priority numerous times and they have failed to uphold their promises.

We are frustrated and irritable when people ask us how the house going and now it has started to take a toll on our personalities. We are trying our best to keep each other positive with this but unfortunately we are both losing strength. This is my first time buying a home and it is leaving a horrible taste in my mouth, and I'm afraid that if we drag this on any longer then I am going to loose my love of the house. I am already feeling like I can't get excited over it, because I have gotten my hopes up many times to be put on hold for a "next week."

We understood coming into this short sale deal that it would take awhile but 5 months later we are still holding our breath on this horrible roller coaster. It has been frustrating for not only us but the sellers as well. I believe Chase bit into more than they could chew when they bought Washington Mutual and now the customers and still the economy are suffering. I have spoken with many people about my experience only to find that they as well are sharing the same frustrations my family and I are feeling. We will NEVER bank with Chase Bank and we will tell everyone we know not to bank with them.

We are supposed to be making the economy better and purchasing homes and vehicles, but if the homes are taking 5+ months to close its no wonder we are still in a hole. If the banks continue to take their time and not work with their buyers the economy will not get any better and more banks will fail. We have an apartment half packed and we can't do this much longer.

Reading Kristina's postmakes me realize that I am not alone.  I am a realtor in Oak Park, IL just outside Chicago.  My wife and I put an offer on a short sale home October 31st, 2008.  That's right people nearly 1 year ago.  We received no response whatsoever until February.  They counter offered nearly $30K more than our offer, so we tried to counter that.  Again no response for months.  Finally I got the seller and the 2 of us called Chase ourselves.  He is using a 3rd party to negotiate on his behaf.  So in 30 minutes and not accepting no, we actually speak with the negotiator that made the counter offer.  He explained his offer was final, no offer would even be looked at unless it was his counter offer or higher.  He then went on to say the economy has stabilized and home values are on the rise.  So if he ran a BPO again the home might be worth more even.  Last time I checked unemployment is nearly 10%, and companies  are still cutting back.  Whirlpool is cutting 1100 in the next coming months, Lilly is cutting 5000 jobs.  Whatever, so we resubmitted a higher offer than our original.  Resigned contracts and reseubmitted the package the beginning of June.  Hoping we would get a new negotiator and that they would run a new BPO.  We did finally recevieve a new negotiator, Michael Means, but he only returns calls once a week and it's on Saturdays.  So here it is September and no approval yet.  We rented our place so we would have only a mortgage contingency and are currently living with relatives.  So we about ready to give up.  To make this all worse, I have heard that Bank's are using these stall tactics to make buyers walk and then bank employees are purchasing these homes, has anyone else heard of this?

The Bank is so dumb I personally know of a short sale where they were $10K off what the bank wanted.  The bank refused to budge and it went into foreclosure, and the bank lost $150 instead of just $100 had they gone down $10K.

And we gave these people billions of dollars with no contingencies or even asked what they would do with it.

I have been trying to buy a house (short sale) - I am going on 6 months. (I have been told we would close the end of may - and since then I am being told it will take another week or two, but I would hear next week... this has been going on since June!!) - I was told that the BPO came back at 82K - and he contract was approved - I was then told it had to go to PMI - that would take 2 weeks - that was said to have been approved - next... Freddie Mac - I was told that came back and we were now waiting for Final Approval (this was end of July) - now, the seller was told by Bridgett at Chase that the file was at PMI waiting approval - the title company was told by Bridgett that the file was at Freddie Mac...

Are we not getting accurate information? I called Freddie Mac (who was very helpful...) and they said they did not have the file.

I was told today that we would not hear back from the PMI until October 15th !?!!??!?

Chase would not even take my calls.

How do you buy a house around here?!

- Tampa Bay Area -

UPDATE: September 11th we got our first approval letter with the expiration date of Sept 28th and on September 15th we finally got the 2nd approval letter (just shy of 6 months). Here is the catch tho. When we started this we were locked in at 4.5% after months of extensions and a lot of money and frustration we decided to cancel our financing and go with a higher interest rate because we could lock in at 4.75% and have another 90 rate lock..This does not affect Chase bank, this is strictly on our own financing. Still in the running for the home we had to resubmit all documents to our lender, Wells Fargo (who have been amazing!) which takes awhile for them to do their own thing, I think a couple weeks to close. So on the 15th we have to reopen our application and close by the 28th. Here we are on 9/18/09 and we are rushing to get our papers to the underwriter and escrow by 9/28 so we can close and disburse funds because Chase bank will NOT extend thier 1st approval letter, it's going to be tough to close in a week and a half of starting the loan application again. Chase bank is being unreasonable and are playing games and I truly hope they burn enough bridges to go out of business. I have faith in my loan officer and and I think we might be able to pull it off, but signing and recording in the the same morning seems a little stressful. I'll update on whether Wells Fargo is a miracle worker for us or Chase has screwed us once again.

Roger in Tampa Bay what number did you use to contact Freddie Mac?

I too am in the process of buying a short sale. My offer was submitted and accepted by the seller in June I received approval from the second lender in August and was told on Friday Sept 11th that my file was being sent to the investor for "final approval" as far as I can tell the investor is Freddie Mac.

After months of hearing nothing I was able to get my case sent to the Chase executive resolutions department and dealt with an amazing representative named Stacy. She has been very helpful but is now unable to tell me much since my fate now lies in in the hands of the investor.

I would like to be able to contact Freddie Mac and inquire as to the status of the sale so if anyone has a contact number that would be great.

Madeline

Sacramento, CA

It has been 3.5 months since we submitted all the paperwork to purchase a short sale.  The BPO was ordered and assumed to be completed over a month ago but we have not heard anything.  The latest news is that the bank was acquired by Chase and that is what is causing the delay even though Chase "has all our papers."

Do you have any advice on how to expidite this?  My agent tells me that the seller (who happens to also be the listing agent for the property) is calling every few days.  The seller also has a broker involved to alleviate any conflicts of interest (and probably make a buck or two).

A good friend was just approved to purchase a short sale house one block from the one we are trying to purchase.  He started his process about 1.5 months after us and leap-frogged us to a contract approval (still no closing date).  A lawyer was involved to negoiate with the mortage holder.  Is this something we need to do to get movement?

Seriously frustrated in Orlando!

Can anyone tell me what this means?  This is what I (the buyer) received from my agent today.  If a new negotiator has been assigned does that mean another whole four months away from a reaponse?  Please help:

on Friday i was contacted by a new negtiator requesting updated information. She also wanted a new BPO since she could not find the last one. That is set up for today between 9-10. All the updated info was submitted 10/4/09. Chase the second lien was also contacted and brought up to date on 10/02/09

This bank is the worst! Does anybody know where i can get a shortsale package from this CHASE horrible Bank.

Update since my Sept post.

We just got the bank approval letter after more than 5 months including a change of bank hands. Once the verbal approval came in on Monday the actual letter appeared a short 4 days later.  Basically once the ball got rolling it went fast in the last 3 weeks. 

The ball is now in our court to finalizing financing and close.  It feels good to finally have some say in the process pace. If you're still in process, hang in there. If you haven't started, avoid a short sale and instead pay a little bit of premium for a non short sale or foreclosed house.

November 2009 Update

Chase, now JP Morgan Chase is even worse to deal with than ever!
They will try to delay the process until you are right up the the foreclosure sale date.
They love putting the borrower and brokers under duress.
They ask for tons of irrelevant paperwork in order to do this.
They pretend there is a committee they submit the offers to but its just the same dept. you've been dealing with. They come back and say 'the committee' wants more so that you are negotiating against yourself! They don't even counter.
I double-ended one transaction and they wanted to pay me a total of 2.5% commission for both sides! They always try to slash your commission no matter what they are getting besides.
That negotiator kept saying all brokers are liars and when I tried to show him comps he would say, "Yea, yea, you brokers are all the same, we don't believe a word you say".
They are even worse if they are in second position! Watch out, don't bother even taking these short sales. They want 35% or more of the loan balance to settle! If the second isn't a purchase money loan (taken out at the time the house was bought) they will still go after the borrower for the remaining loan balance even after allowing the short sale! Watch out for the wording of their approval! If it doesn't say 'nodeficiency' don't accept it!
I dealt with STEPHANIE CLAYTON and her supervisor EUFEMIO RODRIGUEZ in the Texas short sale department. They aren't very bright which makes things much worse. All they say is "they owe the money, it doesn't matter, they owe the money"- this after asking for paperwork for months right up to the day before the sale!
We offered them 14% of the loan balance on the second and they wouldn't settle without requiring the borrowedr to pay the balance after the short sale. Oh, did I mention they lost the short sale package twice and took 4 months to come up with an answer when the first lender took only two months and they were a dream to deal with?
CHASE HOME FINANCE IS A JOKE. They don't care about the borrowers, or the economy or the real estate market. MY ADVICE: DON'T GET INVOLVED WITH SHORT SALES IF JP MORGAN CHASE or CHASE HOME FINANCE is involved.