Chase Eligibility Review
When processing a short sale with Chase as the senior lien holder they will ultimately need to place the file into the equator platform to facilitate the transaction. Prior to this they will require that the short sale package be faxed in to the short sale department. Once a short sale review is open they will have the underwriters complete what they call a “Chase Eligibility Review”. This review is a borrower financial review coupled with ensuring everything is in line with servicer and investor guidelines. At times the Chase Eligibility Review takes a week or two to be completed. This is a time that if a borrower is current or if the property is vacant, depending on the particular investors guidelines, that the borrower could be denied entry into a short sale review. If the borrower passes the Chase Eligibility Review, the file will be placed into equator for standard equator processing.
Depending on who the note is backed by will determine the guidelines that Chase as the servicer will be looking to uphold. Knowing investor guidelines, understanding the borrowers financial picture, and how to navigate Chase’s system will increase the chances for success.
If you have any questions or need any support with anything short sale related please fill out the form below and you will be contacted shortly.
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