Banks You've Completed Short Sales With

Foreclosures, Short Sales, Tax Foreclosures
1

I’m going to spend the greater part of my day next Thursday contacting as many banks as possible and getting them to mail me their specific Short Sale package. I want to contact only banks that actually hold the majority of their loans so that I have a very defined target market… If you can reply to this post with the names of banks you have completed a short sale with, I will get their number and make the dials…I will arcvhive all the rules and regs for each bank I contact and will share those with anyone for free…Might just save you a little time… The banks I have on the list so far and these are all I could think of

IndyMac
WElls Fargo
Chase
Washington Mutual
South Shore Bank
Country Wide
GMAC
Home EQ of Wachovia
HSBC

Add to the list when you get a chance and I will share all of my info that I gather with anyone who wants it…This might be a crazy idea but I am new to short sales so feel free to poke holes in it? It made sense to me at about 1:30 Am last night when I thought of it

2

Hi,
I recently contacted Chase and was told they did not sell directly to the public. Chase said they ship the paperwork directly to Fannie Mae. Then Fannie Mae lists it with a Realtor.
Linda

3

You need to call Chase back and try again. I called them and they transfered me over to the loss mitigation dept. no problem, and sent me a pkg. Are you calling the main # on your customers bill?

4

Countrywide might be one to add-I am located in Dekalb,IL-Let,s kep in touch

5

I also just received a package back from Chase so they definately do short sales… Pretty simple package. If anyone wants a copy of the package, I can fax it over to you. The house is vacant and the guy is 4payments behind and he started a rehab but ran out of cash…my fingers are crossed

PJ- I’ll keep in touch

Luxx

6

Hi Everyone,
I just want to say" Thank You" to all of you that let me know that Chase does short sales. Upon your advice, I did call Chase Bank back and got transfered to the Mitigation dept. and was able to speak with the right person. They are sending me a short sale package. They were nice and said that who ever told me that must have misunderstood my question. I nearly lost this deal! Thanks to all of you, I was able to pull it out and will know in the future where to direct my calls!!!
Linda

7

Luxx, any chance you can put Chase’s package online or email it to me? I don’t have a fax line just yet (still just using cell phones).

Joe

8

National City Mortgage is requiring a hardship letter along with a few other things for their package. Heres a link to that specific form http://www.nationalcitymortgage.com/service_assistance3.asp

9

B18 thanks. That’s one less LM person we all have to speak to…REI JOe I will scan the package reqs and email you tomorrow

10

Can you email me the Chase Short Sale package too.

Thanks so much.

11

Add Citifinancial to your list.
Pretty easy to deal with on a SS.

I only wish the sucker Countrywide is as easy.

12

I have completed short sales with the following:
Chase
Wilshire

currently in the process with
SPS
Wa MU
Beneficial (need help here)
Waterfield
Colorado Housing Financial Authority

I tried with EMC Mortgage Group and they were just down right unreasonable. This dealwent to foreclosure.
and
OCWEN i had a deal going with them, but they would not lower their counter offer. It was a pit of a house with holes in the walls, etc… and missing sub-flooring… you’d think they’d want to get rid of it just because of the liability issues… but NO the continue to think that it is worth about $30K more than it is…

:bash: sometimes these dels feel that they are not worth the trouble… but then when you help some one out of the mess they have gotten themselves into…
it does feel good 8)

13

Dont try wamu… I just did and they told me to go to reoexpert.net, buybankhome.com.

Is it true that foreclosure website data is inaccurate ? i called the lender and she said it’s paid off…however the foreclosure says the property is just listed on the market for 1 day

14

With WaMU we got all the way to the demand letter…
then the buyer walked.

Actually the LM person I worked with was great… easier than my client… 9the seller)

With WaMu we could prove that the seller had tried to sell the property for 3 years…without luck because the area’s property values were declining. They did 2BPO’s due to the difference in price vs loan amount…

15

barb,
Care you share how you got all the way to the demand letter?

that’s strange…I just made the call today

16

I would also appreciate if you could email me the package.

17

Barb-

How was Chase to work with? Were they willing to negotiate or did they stick to the BPO?

18

So far there trying to stick to the bpo which came in at almost 50% arv. I came in lower because of needed repairs. The funny thing is they want me to start with the full bpo on the hud and then subtract the repairs on the hud. I’ve already sent them a hud showing the basic closing cost, and my net to them. Has any one ever put repairs on a hud?
thx
don

19

Don’t know if it’s 100% rules & regs but Chase told us they would not negotiate on the deal we were working on until Countrywide discounted their 2nd loan to $1,000…Countrywide has a 2nd for 42k and chase has the 1st for 183k, we are now waiting to hear back from countrywide to see if they will play ball…This particular 2 flat has about 20k max in cosmetic damages, but it’s in a decent neighborhood, so my fingers are crossed…

20

a lot of lenders require the 2nd to get between $500 to 1k.

When your negotiating with the the 2nd make sure they know thats all the 1st will allow.

Hold tight and let us know how it progresses.