Posted by prncess473 on 08/24/2009
My husband and I put an offer on a short sale home financed with Chase Bank on March 19th of 2009. We just passed our 5 month mark and are still waiting for Freddie Mac (the investor) and Chase bank (the negotiator) to get us the approval letter for the first mortgage. We just received the approval for the second mortgage on August 11th which will expire in 3 days. I am assuming it will take them another 2 months to get us the 1st mortgage letter since they are doing things at their own pace and if our 2nd approval letter expires it will be even longer to get that extended. Our rate lock has expired around 4 times now and we have been trying to find a way to keep it current because if we default to today’s rate we will not be able to purchase the house. We refuse to be part of the 70% of people who have lost their homes due to payments that are too high.
The economy is struggling and we are trying to do our part in making the come around but how can we help if we are being held up by a company who is too busy to care? We started this with 2 negotiators, one for the first mortgage and one for the second mortgage. We have been through a couple negotiators and supervisors, system uploads, and days of down time with their conversion and we are still we aren’t closed yet. This is beyond ridiculous and the emotions that go with the wait are unbearable. We have been led on and promised that we are high priority numerous times and they have failed to uphold their promises.
We are frustrated and irritable when people ask us how the house going and now it has started to take a toll on our personalities. We are trying our best to keep each other positive with this but unfortunately we are both losing strength. This is my first time buying a home and it is leaving a horrible taste in my mouth, and I'm afraid that if we drag this on any longer then I am going to loose my love of the house. I am already feeling like I can’t get excited over it, because I have gotten my hopes up many times to be put on hold for a “next week.”
We understood coming into this short sale deal that it would take awhile but 5 months later we are still holding our breath on this horrible roller coaster. It has been frustrating for not only us but the sellers as well. I believe Chase bit into more than they could chew when they bought Washington Mutual and now the customers and still the economy are suffering. I have spoken with many people about my experience only to find that they as well are sharing the same frustrations my family and I are feeling. We will NEVER bank with Chase Bank and we will tell everyone we know not to bank with them.
We are supposed to be making the economy better and purchasing homes and vehicles, but if the homes are taking 5 months to close its no wonder we are still in a hole. If the banks continue to take their time and not work with their buyers the economy will not get any better and more banks will fail. We have an apartment half packed and we can’t do this much longer.
Posted by nswilson on 02/22/2012
Call Your local congressman