All Forum Posts by: Donna J

Update on my short sale. It took WAMU a long time to get to the file to approve it. We did get an approval for a sale at 179K with a BPO of 165K.

It took so long to get the approval that the financing bank required a higher down payment from the buyer, so they bailed.

I emailed every real estate company in the area and told them I had an approved short sale so if they had someone that was getting frustrated waiting on a short sale approval or needed a 1031 exchange that I had an approval. One agent emailed me back and I now have another contract for 179K. I had to let the funishings and everything go with it to get that offer this time.

When WAMU approved the short sale, they gave us a closing date of April 30. We are waiting on the new HUD. We spoke with WAMU and they said when they got the new HUD, they would decide if the name could change, but everything else remain the same. The chances of them approving and us closing by April 30 are pretty slim, I think.

With the letter we have a different negotiator. It is easier to get in touch with this one. We will really have to push the issue of the 165K BPO and the 179K asking price to even have a chance at the paperwork going through faster.

I have learned that the BPO being lower than the contract amount seems to speed things up and getting an email address for the first negotiator speeds things up. We tried to limit our emails to the negotiator and we kept them very short. We got a response on the same day everytime.

We have started receiving foreclosure documents.

Wish me luck.

One more thing, please. We have heard rumors that our realtor is getting out of the business and moving to a different state. They have not told us this, but they have told others.

What wording do I need to make sure is in our final agreement with WAMU/Chase regarding them being able to come back on us for the loan balance in Florida, which is a recourse state? I am assuming recourse or nonrecourse is determined by where the property is located, not where I live.
Thanks!

Hi Everybody,
I am updating my current situation; I am the original poster.

We are now 3 months behind on this loan and WAMU/Chase has begun giving us a little attention.

We received an offer for $179K and sent the SS packet in December. When we sent it we were only 10 days late.

The condos, in the same building, exactly like ours were listed for 169K, at the time. I attached the realty listing for those with the SS packet. Since that time Countrywide accepted a SS for $165K.

Our 179K offer expired, but the buyer put an extension on it until March 24th.

We have been calling twice a week since we first sent the packet, but they would not let us speak with our negotiator. Finally, she called to tell us she was ordering an internal BPO, which they did last week. The first time my husband spoke with the negotiator, she called with an attitude saying they had not been able to contact us to get the BPO done. My husband told her it was done the day before. She was hateful saying she received an email that morning and it had not been done. When my husband told her he was sure it had been done, she went into some king of rant about whether it was done for Fannie Mae or someone else. Our realtor called the agent doing the BPO and they wouldn't give any info about it.

Some people get negotiators that are somewhat nice and others get hateful one, it seems we got a hateful one. I do know her job is probably an impossible one right now. I just hope she see that $179K is better than $165K and acts soon.

I have heard that many times they order multiple BPO's. If they accept the BPO because our offer is higher, how close could we be to the end?

Thanks!

Everyone here has been great to help me. I really do appreciate it!

I now have a signed contract for my property. The offer is a good one. One has sold for $1k less, another is listed for the same as my contract price, another is listed at 10K less than my contract.

I am completing the Short Sale packet for Chase, now. My loan was WAMU, but Chase bought them and took my loan. I have heard from a couple of people they paid 27 cents on the dollar. May or may not be true. I did receive a letter saying my loan was being transferred to Chase but my SS packet still has me sending it to:
WAMU loss Mitigation/Default Alternatives in Chatsworth, CA.

I have a realtor and my packet has a 3rd party disclosure for me to allow my realtor to speak with Chase.

Because I am laid-off right now, I have plenty of time to contact Chase (WAMU) in every way possible. Is it true that I need to stay on them and hopefully get them to want me off their back?

I have kept my loan current until the Dec 1 payment. I have not made it. I would like to speed the process so I don't have too many months of credit hits in addition to the big one for the SS. I also don't want the buyer to walk.

If you have any any advice, I would appreciate it. I have a phone number of 866-926-8937. If you have other phone numbers where you have gotten results, please let me know. If you have phone numbers of email addresses for supervisors, that would be great.

I plan to contact them daily, myself, to check the progress, even though I plan to send the 3rd party agreement.

If by chance I can get contact information for a supervisor, should I just go ahead and send them a copy of my packet and let them know that the next one that sells will be lower because my contract is higher than the list price of another condo and the same as list for another condo? If my buyer walks the next offer will be lower, too.

Thanks!
dmj4

Okay, I'm ready to move into my rental condo. How long before it is my residence? The two months it takes to get behind on my mortgage should be long enough.

If they start taking guns away, I predict "The south shall rise again!"

I am going to miss lower taxes and overspending causing the deficit, instead of higher taxes and greater overspending causing more deficit.

We are the seller (hopefully). The property has dropped in value. Recently, one sold furnished for $190K and the one before that sold empty for $177K. I think there has been another offer on one for $205K.

We owe $335K. We have been spending our savigs to keep it going and that will run out. They will be able to see that when they ask for statements.

My job has dropped me as an employee and has changed my status to self-employed.

Both the rental rate and days rented have decreased because of the economy and overbuilding in the area. It is a vacation rental property. There are lots of short sales there by both owners and builders. They have had quite a few auctions by builders, lately.

I have lost 2nd job business income due to businesses closing due to the econmony.

I have a Daughter starting college.

Our loan has been picked up by Chase from WAMU. We had called WAMU before the take-over about a Short Sale. We called WAMU/Chase again the other day and they told us to put it on the market. They are still in a transition phase.

Has anyone been able to get Chase to agree to a short sale while current on payments? Has anyone been refused by Chase because they were current on their payments?

Thanks! Really good info here. If I don't decide to handle this myself, I want a list of things to be sure the person I choose is on their toes.

I would relly like to find a good Short Sales Realtor/Negotiator in Panama City Beach.

dmj4