Foreclosure in Fayetteville>Question Details

Joe Powell, Real Estate Pro in Newnan, GA

CHASE Manhatten Bank - short sale.... Good Luck.

Asked by Joe Powell, Newnan, GA Thu Sep 10, 2009

Is anyone else frustrated with CHASE bank and their processes? I am seeing a pattern of problems with the processes used by Chase Bank. Not only are their processes incredible slow and very dis-organized, the decision making process seems to be lacking good judgement. After 5 months, Chase rejected an offer which was higher than the recent appraisal. This offer met their original counter-offer. Chase has demanding that the seller come up with the difference (... more than $11,000, which would no longer make this transaction a short sale) OR.... foreclose on the property (regardless of the offer / contract).
Chase, the investors and the insurers are rejecting a "higher than market value" offer and are choosing to foreclose on the property. It is percieved that they will not only incur foreclosure and attorney fees, but they will not be selling a seriously distressed property which will most likely result in a lower priced sell. Is anyone else seeing this kind of crazyness?

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Same problems with Chase. Their collection agents work from Costa Rica ( paying them with billions Chase accepted from the our gov't.). I have a client who did not miss a mortgage payment in 3 years. Unfortunately, they have a learning disabilty. They reversed a 0 and 1 on the check. Consequently, they were $9 short on a payment. Chase assessed a late fee of $40+ plus was going to report late payment to the credit bureau. When my client offered to pay the $9 on the phone to clear it up, they wanted a $15 phone fee on top of the $9. That's $24 to pay $9. They also didn't want to waive the late fee. What deal. Finally after 3 days and hours on the phone, we reached someone with a little sense in Nebraska. They agreed that Chase could handled the issue differently and made it right.

I find Chase unreasonable and disorganized.
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0 votes Thank Flag Link Thu Sep 10, 2009
Yep! I had a few deals collapse due to the stupidity of this particular entity!
when chase took over our bank....................we scrambled to RUN! Glad we did!
I have NO positive experiences with Chase.
0 votes Thank Flag Link Thu Sep 10, 2009
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