$20,000.00 for the seller from Chase

Has anyone heard of the $20,000.00 incentive that Chase is giving the sellers to move out?  If so, how true is it?

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Permalink Reply by Alex Miller on May 4, 2011 at 12:34pm
Jaime - We just closed a deal with Chase yesterday that has a $35k incentive for the seller!
Permalink Reply by Rick Trono on May 4, 2011 at 6:52pm
Yes, it is true. But how is Chase determining which of their upside down sellers will get the incentive letters? That is the real question that most of us would like to know.
Permalink Reply by Jaime V. Rodriguez on May 5, 2011 at 3:22am
Alex - Thank you for your reply.  Since you closed one already, I would like to ask a few questions: Without going into details about your client; How did the financials of your client look?  After their monthly bills, did they have money left over?  Did they have any money in the bank? Also, how much upside down were the sellers on the property? Sorry so many questions.  It is just that I have a deal that I am representing the buyer, and the seller wants to make the contract contingent upon them receiving these funds from Chase in the short sale.  My buyer understands this, but I would like to have an idea of how realistic it is.  I have only heard of $3,000.00 max in a HAFA short sale.
Permalink Reply by Alex Miller on May 5, 2011 at 5:30am

Jaime -

Financials looked good for our client, they had a negative income/bills ratio.  Not by too much but it was definitely negative. They had a minimal amount of money in the bank. Their original loan was for $470k and property sold for $228K.

The interesting thing was that we were days away from an approval without the $35k incentive when I spoke with the negotiator who let me know about the incentive letter and had us add the $35k incentive to the HUD.  Just seem a bit strange that the seller was proceeding with the short sale without the incentive and then CHASE had us add it into the deal at the last minute.

 

Permalink Reply by Jaime V. Rodriguez on May 5, 2011 at 11:31am
Thank you Alex.  Maybe it has to do with the end investor.  I had a colleague tell me that Wachovia is also giving money.  I will keep it in mind when the negotiator gets assign to my file, and for future reference.
Permalink Reply by Patrick McHenry on May 6, 2011 at 3:15pm

I have one that just told me they would do the incentive also. Was told to put it on the HUD in the 500's section, when I do it it shows cash to seller a negative number. Those who have closed these how is this showing on your hud? Thanks in advance.

Permalink Reply by reva harris on May 8, 2011 at 5:36am
One of my clients who has not paid in over 2 years alsc go the incentive letter for $20,000. Her original debt was around $250,000 - property valued at maybe $150-160,000 now. She is a school teacher, 3 kids, dead beat dad, and oh by the way in Brevard County Florida - no raise in 4 years. She just put her head in the sand. I hope this works out for her. $20,000 is 2/3 of what she earns in a year!
Permalink Reply by Neil Blumberg on May 8, 2011 at 6:20am

Yes, this seems nuts but apparently its true.  I have a client with a $90,000 house he's been offered $10,000 incentive for.  They also offered him $10,000 for his $700,000 house but appear to have withdrawn that, saying they never made it!

 

QUESTION 1:  On those incentive letters - was the loan number ALWAYS on the bottom right side of the page?  Did any of you receive an incentive letter with a defunct 10 number phone number on the bottom right hand side of the letter?

 

QUESTION 2:  There ios a 5th 3rd bank 2nd on the property.  I have received an agreed payoff letter from 5th 3rd that stipulates seller can receive no funds at closing.  Any ideas for my client to get the $10,000 while honoring the 5th 3rd stipulation?

Permalink Reply by Norene M Rogers on May 9, 2011 at 3:54am

Yes, I have 4 files with the letter Chase offered to the homeowner.  I have a file now in with Chase adn yes they will offer the seller 20K to move out.  We just submitted the offer adn they wanted the 20K showing on the HUD1 as a Chase incentive. 

So, to your questions... Yes, this is true.  We shall see when we actually fund this loan. 

 

Permalink Reply by Tyra General on August 16, 2011 at 12:19pm

Hi Guys,

 

Thanks for sharing your experience with this. Can someone inbox me their negotiators information please? I have a Chase short sale and they have not extended this. I want to know what the conditions are for eligibility.

 

Thanks!

 

Tyra

Permalink Reply by Celeste ODea on June 2, 2012 at 10:16am

I have a family who transferred out of the area.  Mrs. Seller bought a condo before she was married and currently renting it at a $500/mo deficit.  Mr. Seller makes sufficient money.  She owes $240,000 and the value is around $170,000.  She makes a very small income and are raising 2 young children with one on the way. My goal is to try and sell it for enough money to pay off the 1st with only the 2nd short.  However, I am wondering how much weight will they put on the joint tax return, which primarily is the husband's income. Any tips?

Permalink Reply by Jonathan Katz on August 24, 2017 at 6:37pm

Chase Home Mortgage was offering these incentives but they look like they are no longer available.

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