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Washington Mutual Having Trouble Keeping Creating Short Sale Database

Washington Mutual gets the weeks award for being the most difficult bank to attempt a short sale with. I had one client who was attempting an short sale in Antioch and it took 5 hours just to have the foreclosure date postponed.

Even for a short sale expert like myself, that still is a long time. Wamu has been so terrible with short sales because they are going thru huge informational structural changes. Remember a few months back when all your favorite Wamu branches suddenly posted Chase banners? Well, apparently the process, with regards to short sales, is not going very smoothly.

The problem is that hundreds and thousands of computer files are being transferred back forth between Wamu and Chase. Until, the new database is functional you can expect delays with Wamu’s short sale department.

Loans that originated with Chase seem to be handled properly, but even second liens that were taken over by Wamu are clogging the system down. The contrast becomes even more apparent when considering that several of the other big chain banks have vastly improved their short sale processes.

Just the other day I was working with an Antioch short sale and the approval came after only 3 weeks. A lot of the process depends on getting connected with the right person in the right department. Some bank processors are motivated to work and others are not. The challenge becomes spotting the unmotivated individuals and getting the file processed thru quickly.

I'm surprised that the transfer is taking so long.  Chase is typically very organized with their structural systems.  Wamu is expecting the issues to be resolved within the next few months.