Dropped from Chase HAFA program

[InTheGame]

I am 14 months delinquent on a mortgage that is over 200K underwater. I was approved for a HAFA short sale through Chase at the end of March. Their documents to me gave me 120 days to sell the house. I would get 3000 dollars cash for keys.

An offer was submitted within a week and went to Chase for review. After 20 days I received a letter from Chase saying I was being dropped from the HAFA program. After many calls I found I was dropped because the buyer wanted Chase to pay closing costs.

The buyer submitted a new offer agreeing to pay their own closing costs. Chase will not re-enroll into HAFA and put me in an internal program without cash for keys.

I called Fannie Mae. They said I could apply for HAFA through them but would have to close my Chase account (there can’t be two account open at once). I asked if Chase could then foreclose, they said no.

So has anyone closed an account with a bank and opened one with Fannie Mae?

[TomEason]

InTheGame

Thanks for your post. You might consider going to FC in lieu of doing a SS.

Of necessity, Chase will offer you C4K to gain legal possession of the property. In the meantime, you'll be able to stay in your home rent free for much longer than would be possible with a SS. It will likely take Chase many many months to FC, affording you the opportunity to save a whole bunch of $$.

You might visit this thread (post #1) to read a comparison of the distressed disposition options.

SS vs DIL vs FC Comparison

[InTheGame]

Chase schedules a trustee sale every month (notice in paper, stuff taped to the door) and then postpones it 10 days before the sale as long as my short sale is active. The next sale is scheduled for end of May.

So I'm worried if I close my account they may let the property sell at trustee sale.

[TomEason]

InTheGame

Thanks for your post. My apologies; please disregard my previous post.

I hadn't realized you're already in FC and are postponing the sale a month at a time.