Replies to This Discussion

Permalink Reply by Ray Snook on October 28, 2011 at 10:11am

I don't know if Chase will allow it, but I had a similar situation with a Wachovia where the seller got a 5000 incentive. She had a judgment for 3500 against her for credit card debt, and Wachovia allowed that to be settled out of the 5k at close.

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Permalink Reply by Sue Irwin on October 28, 2011 at 1:32pm

HI Ray

Thank you for your response -- sounds hopeful. I hope to hear from people who have done this with Chase!

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Permalink Reply by Bryant Tutas on October 30, 2011 at 12:27am

xxx

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Permalink Reply by Miriam Bernstein on October 30, 2011 at 1:27am

I have done cooperative short sales with Chase and they have approved use of the incentive funds to remove liens.  One was to pay a lien from a condo board for delinquent fees and I am now waiting for an approval to pay a negotiated 2nd lien removal.  My seller had to submit a notarized request for this with the final HUD.  Hope this helps.

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Permalink Reply by Linda Susan Fox on October 30, 2011 at 3:40am

I just closed one of these with Chase and it is called a Cash Incentive, the seller can use it for anything except to pay off a mortgage debt.  The same goes for HAFA's $3000.  The rules just changed for this, now the seller can also use these monies for anything ecept mortgage related debts.  Just make sure that everyting you are doing is in the HUD and send it to the negotiator.  My seller received $25,000 for Chase and $3000 from HAFA.  I hope all lenders start to offer the Cash Incentives for a Short Sale!

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Permalink Reply by Anthony Pigati on October 30, 2011 at 3:56am

Yes they will allow it. I have successfully closed one where the incentive was paid to the IRS and one where it was paid to a trustee in a bankruptcy, both at COE.

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Permalink Reply by MaryAnn Dempsey on October 30, 2011 at 4:14am

I have not but I have been trying to obtain info as to the requirements of this 20k I have been hearing about. Can anyone share please
confirm. Thank you
and. Maryann Dempsey @ Keller Williams . Mdempsey@kw
vom

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Permalink Reply by Melba Diaz on October 30, 2011 at 6:25am

My Suggestion through these experiences is that you call your Escrow Company,   ask them if they have had a transaction in which they know of Personal IRS liens have been paid out from an escrow transaction,   and also   you call Chase direct and ask them if they will pay it off,, and if they do ,  

   good luck to you..   please do let me know if they do accept..

 

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Permalink Reply by Shari P on October 30, 2011 at 7:23am

Here's a related questions...Does anyone know if all Chase borrowers are offered this incentive or how it is determined? I know of one borrower who got a letter from Chase. Unfortunately lots of delinquent borrowers don't even open their mortgage-related mail so they wouldn't know if they are offered the incentive.

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Permalink Reply by Alan Weiner on October 30, 2011 at 7:24am

I had one where the seller was getting $25,00) from Chase and $3,000 from HAFA.  They had a state lien.  Chase would not allow the lien to be paid directly from the proceeds.  I believe the seller borrowed the money from a a 3rd party and provided the title company with the lien release to allow the closing to go forward.

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Permalink Reply by Aziz Seyal on October 30, 2011 at 10:00am

I have a client who is in the same situation. He is getting $15,000 from Chase and $3000 from HAFA. He owes about $25000 to State. we are trying to negotiate with state and Chase is willing to pay up to $6000 for all the 2nd or 3rd liens. State may take less and with Chase paying part of it, seller should borrow money or use his personal hidden treasure to cover the balance.

 

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