$10,000-$30,000 paid by Chase to Estate in order to obtain clear title?
I had an attorney tell me the other day that he was able to get Chase to pay $30,000 to the estate on a short sale once, and $10,000 on two other short sales. He specifically mentioned Chase.
His reasoning was that By paying the money the heirs of the estate have motivation to work together, they can afford the attorney, and the short sale can be closed. If Chase were to refuse, the foreclosure would be drawn out for months while they try to find and serve all the heirs. I don't remember the technical term he used but i haven't been able to reach him to ask.
I'm working on a deal where chase is prepared to approve the short sale but now we need money for the heirs to make it worth it to them.
Has anyone successfully done something like this on their own or do i need an attorney to take over short sale negotiations? Do i just include this explanation in a cover letter and put it on the HUD?
Thanks!
Replies to This Discussion
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Permalink Reply by Kevin - Greenville, SC on
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To certain Borrower's Chase is offering Incentive(s) for Short Sales. This has nothing to do with whether or not an Attorney is negotiating the Short Sale.
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Permalink Reply by Ben Benita on
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No attorneys need to be involved in the short sale (though it is STRONGLY recommended you have access to a good real estate attorney, a good bankruptcy attorney, and, a good accountant that understands short sales and can help remove YOU from liability),
Chase pays relocation assistance (up to $30,000), as do:
PNC - up to $50,000
Bank of America - up to $30,000
Wells Fargo - up to $15,000
and MANY other banks.
Lenders do this primarily on their portfolio loans (you will also find they get short done MUCH more quickly on their portfolio loans).
Let me know if I can help in any way - [email protected]
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Permalink Reply by Neil L. on
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Thanks for both of your responses!
To clarify, i'm not talking about money as incentive for the short sale. I'm speaking regarding incentive to be paid to attorneys and people not on the loan, in order to provide clear title AFTER the short sale is approved.
What I think you're saying is that 10k-30k CAN go to the Estate and is a negotiable figure when we submit an offer to chase, an Attorney is not required, and that this is short sale incentive and quite common on portfolio loans. Right?
I see many "Up to" figures but what determines the amount they will pay? Lastly, how do I know if this is a portfolio loan?
Thanks again!
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Permalink Reply by Aida Rodriguez on
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From my experience, the incentive on these Chase loans have to be paid directly to the person on the Title of the property. Should they be deceased, I would imagine that whoever has "power of attorney" or the heirs may have the right to the funds? This is something you would have to ask the lender about, as I know they can be very picky about these things. The easiest thing for you to do is to call Chase and ask if they qualify for this program. It sounds foolish (why would the bank blindly give money you didn't ask for) but I ran a little experiment with a few clients that had received a letter about this incentive. I called Chase and just asked "general questions" about the account with my goal being to see if they would tell me what the loan qualified for and they did. Before I could even go down my list of questions, the short sale support team interrupted me to state that the loan qualified for a special in-house program (the 30K program) AND HAFA. The incentive is based on property value from what I can see. I had a house sell for 50K in which they offered 10K plus the 3K HAFA. Another which sold for 90K that received a $15K incentive and one that sold for $520 that received the full 30K incentive.
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