$20k Chase incentive to be paid after close of escrow??

Hi all, I've got Chase on the 1st and Real Time Resolutions on the 2nd. RTR is not allowing the seller to receive the $20k Chase incentive, but the seller needs the $20k to help pay off what RTR is demanding to release the lien. I talked to a Chase supervisor, and he suggested that we leave the $20k Chase incentive off the HUD-1, complete the short sale, and Chase would cut a check to the seller directly after COE. Has anyone heard of or better yet experienced this?!

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Permalink Reply by Bryant Tutas on March 7, 2012 at 2:23am

If Chase is willing to do that then I would go for it. It doesn't need to be on the HUD because Chase is basically just refunding the borrower some of the principle.

I just has this exact same scenario with BofA as the 1st. They were not willing to send a check after closing. I escalated to the BofA social media team and they had their RTR liason contact RTR and within 12 hours I received an approval form RTR allowing the seller to receive the incentive form BofA.

The incentive is $12,000. So RTR CAN make exceptions. Remember RTR is a debt collector and are trained to play hardball. My negotiator had placed in big large bold print 100% NON_NEGOTIABLE!!. Well of course I just went around him and the deal was approved the way I needed it approved.

Stating something is non-negotiable is an amateur negotiator mistake. Once he said it I knew he was mine to control :)

Permalink Reply by Ludora Cooper on March 7, 2012 at 7:24am

HI Cricket, Can you tell me who is eligible for the $20k incentive from Chase or where can I go to get information on that?

Thanks, 

Ludora

Permalink Reply by Cricket Yee on March 7, 2012 at 9:30am

He was sent a letter by chance-- I believe it is "invitation only."

Permalink Reply by Joseph Alfe on March 9, 2012 at 11:35pm

Chase "Prime Loans" meaning loans owned by Chase and not an investor

Permalink Reply by Ludora Cooper on March 21, 2012 at 8:50am

I read up on this and it is being offered on Chase Portfolio loans such as the one's they bought from WAMU.

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