Chase Bank has made some recent changes to their Short Sale Processing Guidelines and procedures that have changed the way the big mortgage servicer has processed their Short Sales for years.
Early in 2015 Chase implemented a new guideline and procedure that would require a borrower interested in short selling their property to first go through an eligibility review. Previously if you were interested in a short sale and were ready to initiate the Short Sale with an offer you would first fax your package to Chase. Once received and reviewed Chase would assign a processor to the file who would then send the file to the agents or processing company’s Equator account for processing.
With this new guideline in place Chase requires for the same complete Loss Mitigation package to be submitted. Once received Chase will assign a processor who will take care of completing the Loss Mitigation Package and sending it off to management to complete the Chase Short Sale Eligibility review.
One difference in this process compared to the old process is that you do not have to wait until you have an offer, once the property is listed and you have a complete Loss Mitigation Package in with Chase. Chase can complete the Chase Short Sale Eligibility review while the agent works on obtaining an offer.
During the Chase Short Sale Eligibility review Chase will look to confirm a financial hardship before allowing the file to go through all the proper steps prior to sending the file out for a decision.
One of the Pros of this new procedure is that it can save a lot of borrowers and agents time if the borrower does not qualify to be reviewed for a Short Sale based on their finances. Before the Chase Short Sale Eligibility review was brought in the picture a file would go through all of the proper processing procedures and at the very end once the file was submitted for a decision Chase would decide if the Borrower was eligible to complete a Short Sale.
In the past you could work a Chase Short Sale for months, even years, before making it to the point where the file was ready to be submitted for a decision, and if the borrower did not qualify the file would be declined. It didn’t matter how strong the offer was, and how long the process took, the borrowers eligibility was reviewed at the end and it caused a lot of frustration when you had to go through a lengthy process just to find out the borrower was never eligible to complete a Short Sale.
According to Chase this new procedure was implemented in effort to reduce the processing time frames and avoid wasting their time and the time of other parties involved in the sale of the home. The review process can vary based on the complexity of the borrowers situation. Once a complete package is received Chase is quoting a 15 to 20-day turnaround time for a decision to be made on the borrowers eligibility.Chase Short Sale Eligibility Review by firstname.lastname@example.org