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5 Reasons our government should take over JP Morgan Chase

By Mike Linkenauger

Real Estate Broker/Owner with LinkUp Realty

March 19, 2009 08:21 AM

#1 Keith K
#2 Darlin H
#3 Chris G
#4 Michael B
#5 Matthew H

Who are these people you ask? They are all negotiators or supervisors in the loss mitigation department of Chase Home Finance. The reason for leaving each one of these peoples number up there, is because every one of their voice mails is completely filled up, and they stay that way pretty much all the time. They never answer, they have no email addresses, and you can almost never reach them.

Why does our government need to take over Chase completely? They are in complete shambles. Plain and simple. One of the short sales submitted to them from us is for an active duty military person, who is forced to sell his home ONLY because he is serving our country and getting relocated. I made literally 30-40 calls today alone trying to reach any one of these individuals above, or some competent person with Chase who could tell me where exactly this short sale file is after being submitted 100% complete six weeks ago. No luck for the last two weeks, calling them almost daily.

I also read from another AR blog post the other day that Chase sent an approval letter for a 1.8Million dollar offer (after 3 months waiting) three days after they sold it on the courthouse steps through foreclosure for 1.5Million! When some lenders are getting better at processing short sales and approving them, Chase seems to be getting worse in most cases! Chase/Chase Home Finance/JP Morgan Chase - Pathetic. Ironically, EMC, which is a subsidiary of Chase, is probably the best lender there is when it comes to approving short sales..

We will likely not be doing any more Chase short sales, and are on the verge of starting to suggest to our clients "Chase doesn't do short sales anymore, you might as well let your house foreclosure"!

Chase Short Sale Experts

UPDATE 08/26 - (I used to have the full names AND phone numbers listed above for the negotiators and supervisors, but took them off for reasons noted below!!)

Update 10/27/09 - Matt H. Just redeemed himself by processing and approving a short sale in a very timely manor. Actually, it was this property referenced in this post that finally will be closing this Friday! We are still however having issues with Chase, as they are in the running with Bank of America for the slowest and most inconsistent to process short sales.

Update 10/12/10 - Since writing this post, Chase has gotten much better to work short sales with. They are getting better finally, but not yet one of the best, thats for sure. Leading the way right now for best lenders to work short sales with are Litton Loan Short Sales and GMAC Mortgage Short Sales. Of the major lenders, Wells Fargo and Wells Fargo Financial Seem to be the best in our experience.

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Mike Linkenauger

LinkUp Realty - Jacksonville, FL

Short Sale Realtor - Jacksonville FL

Been an ADDITIONAL 30 days now and we still can't reach a semi-competent person regarding this file. We are now suggesting to home owners across the country that foreclosure may be their only option with Chase. If Chase is not willing to be proactive with the solution, our government should not contribute a penny to support them.

Apr 23, 2009 06:13 AM

Anonymous

danielle

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.

May 14, 2009 06:36 AM

Mike Linkenauger

LinkUp Realty - Jacksonville, FL

Short Sale Realtor - Jacksonville FL

Ginnie May is the actual investor, that means it was likely a VA loan originally. Chase is just the servicer. That is likely extremely similar to this particular deal here. Oddly enough, the appraisal has finally been ordered on this deal after three months TODAY!! If you are trying to work a bank short sale on your home, it is important to have an agent to work on your behalf who is experienced. I highly recomment the Short Sale Specialist Network, a nationwide network of short sale realtors. Visit www.short-sale-specialists.com.

May 14, 2009 06:47 AM

Anonymous

Mary

I recently went to a Chase office in DC to speak with someone about my current "interest only" loan and WOW was that frustrating!! The reason for going to this office was because I couldn't get anyone helpful on the phone. I'd be on hold for 5 min then get disconnected or I would be told that I called the wrong number and then the number they give me is the exact same number I originally called!! FYI... turns out the Chase employees that I met with in person, call the same customer service phone numbers that we call! Talk about getting no where!! During my 1.5 hr appointment, we sat with the Chase employee for about 7 MIN and the rest of the time we spent waiting alone in a room while she waited on the phone to get through to customer service. When she did get through the person on the other line told her she dialed the wrong number and gave her the phone number she originally dialed!! What kind of business is that?? The chase rep I was dealing with also seemed like she was getting on the job training and really had no idea what she was doing. It was such a waste of time!!

Has anyone had their mortgage loan re-modified and did Chase come down on the principal amt any? I'm trying to decide if I should short sale. My loan is for 370K and my home is only worth 185-200K now. Any advise???

Jun 05, 2009 05:39 PM

Anonymous

Rae

I'm sorry. When did we become entitled to a reduction in the balance due to the value dropping? Was anyone offering to increase their balance due to the lender when values were increasing like mad several years ago? The current environment is unprecedented and the servicers are struggling to keep up with the volumes. Thats true. But there is much more at play. It is not easy to find the space, resources and staff to handle the volumes let alone the training curve and constantly changing requirements of the MI companies and investors. They've never seen an environemnt like this and sometimes they take a LONG time to decide on the deal. Losses of $200k are not uncommon. I know I would have trouble agreeing to a $200k loss in a blink of an eye. Companies like EMC can afford to make quick decisions becuase they bought the loans at a discount. They aren't taking the same kind of loss as the Chase's (which by the way took on EMC when they failed), Citi's, Wells etc. Loss Mitigation used to be a little known department that people within the companies didn't even know what they did. Now its front and center with so much misinformation being batted about all over the internet. The servicers are there to help. Not every request will or can be approved. There are many, many variables. But the folks working in loss mitigation are not the ones to blame for the situation(s) we are in today. Can the timeframes be better? Sure. But the number of short sales, modifications, repayment plans and the like being approved and closed today are well in excess of anyone's expectations in even the wildest of forecasts. A short sale takes time. Prepare the buyer, have documentation available, and keep the seller involved.

Jul 23, 2009 02:46 PM

Mike Linkenauger

LinkUp Realty - Jacksonville, FL

Short Sale Realtor - Jacksonville FL

I will take all of their names off of here Ethan. I agree that Matt has definately been much better at dealing with our short sales since this article was written.

I know you got assigned him another one recently and he has been on the ball. He has also been much better on the one mentioned in this original article. Good to note that some folks actually read this stuff!

Aug 26, 2009 07:18 AM

Mike Linkenauger

LinkUp Realty - Jacksonville, FL

Short Sale Realtor - Jacksonville FL

Rae, I do agree that the negotiators are not truly the ones at fault. They are working to many files, and have VERY poor systems in place to deal with them. It is the management. But the fact that there was a period where nobody could tell us with certainty who the negotiator was on this file for MONTHS, and none of the negotiators or their supervisors would return phone calls for MONTHS, is unacceptable. The fact that all of these negotiators voice mails were full almost every call, and not one of them answered the phone when I PERSONALLY made literally HUNDREDS of calls is unacceptable.

When they waste time and don't approve these short sales, it contributes to the demise of our economy. Why?? Well, if a property sits there vacant for months, it deteriorates in condition. Neighboring property values are also falling, people come in and steal appliances and AC's and vandalize these properties, and the typically sell for 20%-30% LESS than the short sale offers. This further drives down the prices of all of the area homes, creating a snowball effect with other frustrated home owners.

While there are many variables that go into approving a file, there is no excuse for the kind of treatment this particular file received. This kind of thing happens regularly, and until these big lenders like Bank of America and Chase get their stuff together, our economy will continue to decline.

I will venture to say that the reason we have experienced such a sharp decline in prices is MOSTLY based around the lenders inability to process short sales in a timely manor. If buyers didn't have to wait 3-6 months in some cases, short sales would be more appealing and also wouldn't have such a bad reputation as well. The only way to get a buyer to wait for these lenders is to have the property at a more attractive price point than other properties.

Aug 26, 2009 07:33 AM

Nancy McNamee

Keller Williams Realty - Roseville, CA

Oh no, I have a new listing to negotiate with Chase as a second!

Dec 16, 2009 03:41 PM

Nick Good

The Good Home Team with eXp Realty - McKinney, TX

www.TheGoodHomeTeam.com

Mike - I am dealing with the same problem on my Chase shortsale... I did get a counter from our Negotiator and the buyer (we have both ends of the deal) met their counter offer.

When I spoke with the negotiator (I have spoken to her 3 times in 4 months! With literally 100's of calls into her) she said that she isn't sure she can get the investors to approve it.... EVEN though it was the banks counter offer.

Definitely frustrating.

The great news is I picked up a short sale condo today and the bank of course is CHASE! another headache coming our way.

Jan 15, 2010 09:38 AM

Tni LeBlanc, Realtor®, J.D.

Mint Properties, Lic. #01871795 - Santa Maria, CA

Tenacious Tni (805) 878-9879

It took 6 months for my last CHASE short sale to get approved. At one point it seemed we were close, and then it was if we hit a black hole. Then BPOs were re-ordered and we didn't hear anything for a couple more months. They are just as bad as Bank of America IMO. I won't even take a file where they are the second mortgage holder and the first is with another bank. Their "Loss Recovery" department (which handles their seconds which have been written off) deserves a whole separate post.

I took another one at the beginning of this month and I told the buyer that it would take 6-7 months and if they weren't comfortable with that they should find another listing.

Feb 05, 2010 01:18 PM

Maureen Megowan

Remax Estate Properties - - Palos Verdes Estates, CA

Palos Verdes Real Estate Blog

We have been working with Chase for over 5 months, and they have continued to insist that the seller make a $1,400 additional seller contribution over the $3,000 approved to be paid to them by Ocwen / Freddie Mac, the first mortgage lender. Unfortunately, Freddie Mac will not approve any payment to the second over the $3,000 they approved. Chase insists that this amount be paid outside of escrow if needed to hide the payment from Freddie Mac and Ocwen. They insist that this is legal and does not break any law We told them that the California Assn. of Realtors has notified all of their member agents that to do this is against the law and RESPA and would be considered fraud, but Chase still insists on the additinal payment.

Five months of work down the drain. If you have a short sale with Chase as the second and your first is owned by Freddie Mac, I would not even bother to start the process or you will be wasting months of work like I have.

Mar 30, 2010 05:42 AM

Anonymous

Tammy

For those of you that have had success with Chase and your short sale how about giving up your contact info, phone numbers and anything else that might be of help!

Apr 16, 2010 02:22 AM

#16

Mike Linkenauger

Jacksonville, FL

Short Sale Specialist Network

You can go to www.TheShortSaleGuide.com for all negotiator and executive contacts at lenders!!

Apr 16, 2010 02:27 AM

Anonymous

brad

I am on the buying of a short sale end that is in Chase's hand and am having a horrible time. All of our numbers meet and they randomly closed the file and didn't tell anyone. Since some of you have had some success with Matthew Halpin, can you provide any contact info that works?

May 24, 2010 10:30 AM

#18

Mike Linkenauger

Jacksonville, FL

Short Sale Specialist Network

I'll forward you over his phone number and email, shoot me over an email with your contact info. While your story is horrible, it isn't out of the ordinary. "Loosing a file" is something that unfortunately happens sometimes, part of me thinks its just a way for the big ones to basically say "I dropped the ball and you complained, I don't feel like working with you anymore and will let the next guy in line worry about it, so..."

May 24, 2010 02:38 PM

Anonymous

Dennis R / Re/Max Realtor

I worked with Chase on a Short Sale in "09". It went as expected and closed in about 6 months. During the process they stopped the foreclosure on the courthouse steps and continued on the file. The worse that they did was to try and cut a 6% commission down to a total of 3% to split between two agents! We finally had to split 4%, a huge cut, especially for the amount of work one has to put into a short sale.

I am an experienced short sale Real Estate Agent. I know that Short Sales take approximately 6 months, I council my client (seller), the buyers agent (so they can let their client know they are getting a great home at a great price - all for the time they are going to have to wait), and work diligently on the file and continue to call in 2 times a week for an update... emailing the buyers agent every other week with nothing ... but still making contact and checking in on his buyer and their interest. As short sale listing agents know we have probably as much as 90% fallout on 1st offers, so we need to keep working hard on that one file/ listing.

I lucked out with that file in 2009 ... I have a new (May 2010) Chase (as 2nd mortgage) short sale and they have been horrible. I would love for a Senator to call in to their Customer Care phone center just so they can see 1st hand what Chase is doing to it's customers. As soon as you put in the delinquent borrowers last 4 digits of their SS# and/or their Loan # the phone cuts you off!!! YES, they just cut you off! They don't want to help you, hear from you, or service you!

I will work even harder while I am in process with the 1st ... to try and find someone to help me. I have contacted a Loss mitigation specialist from the past with Chase and will seek his assistance. He is the one that gave me a 2nd number to call, which cut me off as soon as I put in my clients last 4 digits of her SS#. I know it takes time, I've counseled the buyers agent and my seller ... I am confident that it will close, eventually. If anyone from CHASE reads this blog I would appreciate your help as well ... even if it is to get me to the 1st base of this process on the 2nd. I just have a feeling that I will start this and 3 months in be told that I started the process as if I was requesting a forgivenss on a 1st DT, not a 2nd!!! and will have to start all over again. If anyone has direct contacts, names (include middle initial) to loss mitigators for their email addresses, and phone numbers I would appreciate the help.

Dennis R, California... Remax Agent ... and i am a seasoned short sale specialist... we all need help when it comes to processing short sales with the over worked, under staffed (usually temp or new staff) employees at these banks...

Jun 08, 2010 05:07 AM

#20

Anonymous

Krissy Shields

I am having a major problem with a Chase Short Sale. Can anyone help???

I am the buyers agent and I am urging the listing agent to be aggressive. I think all I can do is point her in the right direction of superiors to escalate to.

Here is the problem...Original sales contract was at $215,000 and $10K for closing costs to buyer. Chase countered at $235K and $6K for closing costs. We accepted. Appraisal came in at $220K and now the negotiator is saying that is all she can do. We would have to take the $235K or resubmit the entire package and get a new negotiator.

Can you give me any names and numbers or email addresses? This negotiator is impossible to touch base with as well. We are in Southern California.

Thank you!

Sep 16, 2010 09:12 AM

#21

Mike Linkenauger

LinkUp Realty - Jacksonville, FL

Short Sale Realtor - Jacksonville FL

Chrissy, if you EVER need any contact at ANY lender, just ask on our short sale agent social networking site at www.TheShortSaleGuide.com. Us as well as many top short sale agents around the country will share contacts with each other when needed. We have to work together to get things things closed and help homeowners avoid foreclosure.

Oct 12, 2010 04:25 PM

Anonymous

Deirdre Davis

I, too, am dealing with Chase as my second and trying to do a short sale. They are making it very difficult and although I have a negotiator and a realtor working with me, it was suggested that I try and reason with them. When I called it brought me to the collections dept. and was told that's where all applications go through for short sales before they go to loss mitigation dept. But what I keep hearing from them is about this term "chargeoff" where they are saying if I don't make a payment before the 4th month of non-payment, that the loan will go to a third party collections and that Chase will not be able to work with me any longer on this unless I pay out at least 10% of the loan amount. My negotiator claims that the collections dept an the negotiation dept are totally separate and not to be concerned. Anyone know about this term and what they are telling me? I am in the SF Bay Area.

May 16, 2011 07:19 PM

#23

Anonymous

J.R.

Would love to get anyone's take on something I've recently discovered ... From the start we suspected the listing agent wasn't being diligent at all with contacting the bank. As the weeks turn into months, 8 months + at present... we've been hearing less and less. And when we do hear something it just sounds like a farfetched story that in most cases contradicts what she told us the last time.

We recently spoke to the sellers and we unexpectedly received confirmation that we are not being told the truth. And what we found out was really odd and can't figure out how anyone would benefit from it.

We are in the process of buying a short saled property. So, inspections are a part of the process so we had an appointment set up and ready. Well we were informed that the sellers would like to be present. I thought it would be bothersome for out inspector to have 8 people in the house. It's just not done this way very often. Well we now needed to try to find a time and date where agents, owners, inspector, ourselves and the the person that was living in the home would be available to inspect the home... I know... it's crazy and stupid. The listing agent never got back to us with times and dates for availability. So we haven't set up the inspection yet.

We found out that the sellers never requested that they be there. We found this out when we asked them when a good time for them would be. His answer was, "I don't need to be there" you can set it up any time you like" Really? REALLY? They know now that we were told something completely different. And it looks like their agent never even bothered to talk to them about the inspection to begin with.l

I know this seems minor, but believe me, it's only one out of many questionable excuses and requests we've been given, which could be Chase's excuses. But finding out that she is willing to just bold face lie leads me to think she's the worst of the two.

Is there anything we can do about this kind of conduct from the listing agent? The sellers are just as frustrated as we are and they have had their own feelings about poorly their sale has been handeled.

Any suggestions?

Nov 03, 2011 02:31 PM

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