Chase just initiated a new program where they will PAY HOMEOWNERS TO AGREE TO A SHORT SALE.....
I am working on a short sale in Maryland and the Seller is being offered $30,000 to agree to a short sale (loan balance is about $650,000.
I called and verified....how about them apples......roughly 5% of the loan balance in order to agree to a short sale.....they said over the long run it will save them much much more....
Looks like they FINALLY got their heads out of their backsides......ABOUT TIME......
ANyone want to guess at teh over under for when B of A does something like this!!!!!
;-)
All my best to everyone.
Tags:
Yeah! could this really be the turn?
I hope they do this in California I have about Five clients with chase. I am on the phone with them (chase) as i write this. Yahoooo if this is true.
Interesting,,,, that might be an East Coast thing, because I have a transaction here in SoCal and the Seller will not move without Relocation Assistance from Chase who said "Hell No". This is a $1million+ property and the seller has NO funds and no income. He will file BK as soon as the Trustee Sale is posted if they do not help with relocation.
Thanks for sharing your good news though !
Thom Colby
Broker
Newporyt Beach CA
Ben,
Do you know if these are just tests in certain states and certain types of loans? My guess would be they apply to portfolio loans only.
Thanks,
not sure on that....the guy I spoke to at length about it just kept saying it is the new "Chase Initiative Program", could not say if the loan was portfolio, gov., or private.
I would guess it to be a portfolio loan item, but, to date, I do not think we have had any Chase portfolio short sales (only B of A and Wells).
Will keep you posted if I learn anything further.
Yes - I had replied to an earlier post from someone - and asked for a copy of the letter sent to the borrower/home owner - but did not get a copy posted! So....
And on your client who will BK on the trustee sale notice - I have one in BK right now, and as a single asset the courts will only give a stay of 90 days - although we have strung it out to 6 months. Best of luck. Seems like such a waste of energy!
Thom Colby said:
Interesting,,,, that might be an East Coast thing, because I have a transaction here in SoCal and the Seller will not move without Relocation Assistance from Chase who said "Hell No". This is a $1million+ property and the seller has NO funds and no income. He will file BK as soon as the Trustee Sale is posted if they do not help with relocation.
Thanks for sharing your good news though !
Thom Colby
Broker
Newporyt Beach CA
Can you upload the letter confirming this - or any other communication confirming this please?
I have seen a similar post as yours, but no docuentary evidence.
If this really does exist - this would be incredibly uselfull to us all!
Thanks
Malcolm
Here you go Malcolm
http://arizonarealestatehome.com/all-real-estate/short-sales/chase-...
Malcolm McLean said:
Can you upload the letter confirming this - or any other communication confirming this please?
I have seen a similar post as yours, but no docuentary evidence.
If this really does exist - this would be incredibly uselfull to us all!
ThanksMalcolm
Sorry Malcom, I get TONS of e-mails and messages and have an assistant go through them......I am not sure how to upload docs., but, will black out the address and loan number and get a copy to Bryant to post on here.....no worries.
All my best to everyone.....I saw that article from Bryant about the home in AZ, may vary by state....the one my client got for $30k is for a property in Maryland.
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