Replies to This Discussion

Permalink Reply by joe beauchamp on August 1, 2013 at 3:38pm

I believe these are generally loans where the bank really screwed the homeowner and wants to close the file fast so that the homeowner doesn't get someone to look into any bank improprieties. In some cases, the bank can lose any right to any money and have to refund money. So, a winning ticket? Sure, depending upon how you look at it - getting $30K because the bank owes you $400k?

I have heard of no other reasons for such payments, except in cases of an agreement with the feds for some judgement - seems like the same thing to me..

I would love to hear that I am incorrect, but I don't think so. Anyone?

Permalink Reply by Ben Benita on August 1, 2013 at 4:52pm

Like the 8% commission they offer, that incentive is only offered on Chase portfolio loans.....highest I have seen is $30,000 (and the second lien ONLY GOT $22,000 on that one)!!!

Good stuff....email me for more "insider info"!!!

[email protected]

Permalink Reply by SE Davis on August 2, 2013 at 2:01am

Donna

I traced one back to originator (Pay Option Arm program) Washington Mutual $400,000,000 fraud settlement that Chase acquired servicing rights to dated a couple of years ago.