Five Lakes Agency Short Sale
During the Washington Mutual and Chase merger loans that were delinquent did not necessarily always make it to Chase’s servicing system. For example one short sale we are dealing with in Los Angeles, California, was charged off to Five Lakes Agency during the merger. Five Lakes Agency works as an agent on behalf of Chase in recovery services. They will require an Authorization Letter on Chase letterhead in order to release any information on the loan. The good news is that Five Lakes Agency is relatively easy to deal with if you know how to navigate their system. Furthermore; if they are in a subordinate position and the 1st lien holder is a short pay, then they will only require a copy of the Est. HUD-1 and the 1st lien approval letter for their review making the process that much smoother.
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