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Spokane's Best Real Estate Blog |
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Chase short sale incentive could mean cash to you
Most banks figure they're doing homeowners a favor simply by agreeing to a short sale and forgiving the amount they owe. But in some cases, Chase borrowers are getting that and cash.
Chase, one of the nation's largest lenders, is quietly offering some homeowners a deal many distressed homeowners think is too good to be true (we get calls all the time!).
Chase is giving borrowers $5,000 to $30,000 if they’ll agree to short sale of their house. A Short Sale is selling the home for less than they owe on the mortgage.
The program launched last fall, and information on who qualifies and who doesn't is still an insider secret as Chase is mum on the details. Chase is aggressively targeting its problem loans as some homeowners receive a letter before their property is listed on the market. By using our successful transactions in dealing with Chase, we have compiled a list of Chase's target loans. Here are a few of the common ones:
The homeowners have a Chase "portfolio" loan, or a loan owned by Chase but not serviced by Chase.
Or the homeowners have a bad loan (adjustable rate is too high), maybe they tried a loan mod, or did a quickie refi.
Investment property gets the nod as well.
The official name of the program is a mystery as well; some say it's the "Chase Incentive" program, while others call it the "List Assist".
What we believe has happened is that the original loan was bought by Chase (from companies that have dissolved such as WaMu, Countryside, IndyMac), and it was bought out for pennies on the dollar. Now the banking industry is being legally challenged to prove it has the right to foreclose. When asked to present original documents on these bought out loans they cannot produce them. So a quick and profitable fix is offer cash to distressed homeowners. Chase will make more money if a property goes away fast in a short sale vs. attempting foreclosure and being legally challenged to produce documents they will never find.
Bottom line so far is a win for everyone; homeowners are assisted with CASH, no soft notes, no risk of judgments, less paperwork. Chase cleans up its banking mess. Transactions are fast.
Call us and we will help you to see if this program will work for you.
Footnote: Wells Fargo just launched this and Bank of America is expected to go public this fall with a program as well.
This blog is relevant to:
Avoiding Foreclosure , Short Sales , Incentives
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Other Available Entries:
Chase short sale incentive could mean cash to you > Help for Our Idaho Clients Seeking Loan Modification or Worried about Foreclosure > Spokane: Lower Home Prices for Buyers
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