This mitigation department will drive me to go drinking. Here's my scenario: I'm helping my seller do a short sale on their property in Tracy. We already have an offer and have submitted the short sale package over to WAMU. The property has been appraised over two weeks ago and the negotiator has everything she needs in order to make a decision. Yes, I know that it takes about 30 to 60 days for a negotiator to give an approval. Since then, I have been trying to get in touch w/ the negotiator thru email and phone calls but I have no luck in getting hold of her. The most she can do is at least answer back my email or give me a call letting me know that she is still working on the short sale. I have nothing from her. Well, I guess... since WAMU got eaten by SHAMU (JP Morgan Chase), WAMU no longer cares about their borrowers. WAMU is just as bad as the other lenders out there. They are all the same. Instead of helping the borrowers not foreclose on their homes, they take their sweet time in making a decision and so that leaves us in buyers losing interest in the property and cancelling the offer. What more could they want? If WAMU goes thru the whole foreclosure proceedings, then they will even lose more because they will have to get a lawyer and do the whole eviction process if it doesn't get sold thru auction. These lenders have got to lighten up.
Andreli is there only one lien on the property? I like the SHAMU nickname for J.P. Morgan that was too funny.
I am a Real Estate Broker in San Diego. I have a client who has only a WAMU 1st TD, I have a full market value, loan approved buyer at $340,000, WAMU appraised it at $340,000 last Nov 2008, and I am getting the exact same thing that you mentioned. I have now been in the holding pattern since Nov. 2008, and getting the exact same excuses you got. "Investor is reviewing". We all know that this is a lie. Bottom line, they are not signing off any short sales so that they don't have to show the "loss" on their Balance Sheet. They are waiting for the next TARP release, and using that money to buy off shore assets to prop up their bottom line. Our lobby heavy politians are printing and dolling out our childrens futures to these criminal bankers who are still stealing money from tax payers through TARP funds. The politicians and bankers are so corrupt, and still getting away with now stealing our childrens future paychecks.
Hi Andreli,
I just got off the phone with a rep at WAMU. He has informed me that they are no longer stopping foreclosues sales. I have been working with them since July and advising them of the September 30th sale date. There new policy according to the rep is that they do not stop the sale! This is a Fannie Mae loan so I have called them as well to see if that is there policy.
Do you have a phone number for the Short Sale department in Chatsworth CA. They have advised me they are the only ones that can authorize stopping the sale. I have informed the homeowners to retain counsel to go to the hearing and request a 60 day extension. I am dealing with the short sale department in Jacksonville Fl.
Frank Martone
Hi Andreli,
I should have taken the time to do a spell check, but I am so annoyed with the way this has gone. Calling twice a week for three months to get this response is very aggravating.
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