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Chase Bank is giving seller 30K to short sell! Has anyone heard of this?

Posted by Kathy Dyer Realtor Rosevillle Ca on April 28, 2011 at 8:29am in Short Sale Discussions

I got a call from my client- she was sent a letter from Chase telling her that she can short sell, get 30,000 incentive, no deficiency plus 6% commissions to agents. She was told to find a realtor and list her property which we did. She had tried to do a loan mod with Chase for over 1 year with no results.

We do not have to submit any updated financials at all. Only resubmit the hardship letter and listing agreement plus 3 comps. Then follow up with the Purchase Contract. Also this is an investment property.

Has anyone heard of this yet?????

Chase must want to get rid of this loan fast??? They are in a big hurry for us to get info to them. They call me too, how often does a bank call us?

Has anyone heard of this?

 

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Replies

  • Jeff Payne August 12, 2011 at 2:59am

    Garrett, that MERS video is good!

    The IndyMac video has been debunked a few times.  FDIC had posted their deal with IndyMac and I believe that there was alot of misinformation on that video but it sure made me think :)

    Garrett McCargar said:

    If you think about all of the fraud, improper loans and unenforceable notes out there it makes sense for them to offer to give $30k so that the discrepancies are either washed away or swept under the table before those said discrepancies come to head.

    here are also some interesting videos to watch...

    https://www.youtube.com/watch?v=ssl5yb7FewA&feature=player_embedded

     

    https://www.youtube.com/watch?v=8VpCUfC9k6M&feature=player_embed...

  • Kathy Dyer Realtor Rosevillle Ca August 11, 2011 at 3:19pm
     

    HI Theresa,

    Yes- my clients got the letter first, then called me to do the short sale. We were unsure as you were. We got our offer approved in 20 days and closed within 30. My clients got paid at escrow. It was the best deal we ever did! The bank really wanted to make this work. My thoughts are that the bank did not have the proper paperwork to foreclose so they wanted to make sure they could short sale. The bank even paid for some repairs. GO for it.

    Kathy



    Theresa said:

    Kathy,

    Do you have any updated information on the program offered by Chase, with the built in incentive programs,

    I also have a client with the same letter. When I called Chase and she confirmed  the program..she also said that after submitting the offer is when the decision would be made. Have you had any clients actually get paid by he bank?

     

     

     

     

  • Theresa August 11, 2011 at 2:09pm

    Kathy,

    Do you have any updated information on the program offered by Chase, with the built in incentive programs,

    I also have a client with the same letter. When I called Chase and she confirmed  the program..she also said that after submitting the offer is when the decision would be made. Have you had any clients actually get paid by he bank?





  • Theresa August 11, 2011 at 2:09pm

    Kathy,

    Do you have any updated information on the program offered by Chase, with the built in incentive programs,

    I also have a client with the same letter. When I called Chase and she confirmed  the program..she also said that after submitting the offer is when the decision would be made. Have you had any clients actually get paid by he bank?

     

     

     

     

  • Kathy Dyer Realtor Rosevillle Ca July 12, 2011 at 6:17am
     

    We just closed the deal- yes this is real and the SS approval took only 20 days. It was the smootest short sale we ever did. The seller got their 30K at closing. We got full commission. We were able to sell the home over the BPO value so the bank even paid for some repairs; I had to pay them upfront and got reimbursed on the HUD at closing. I asked the negotiator upfront if the bank would reimburse me. They said they would not reimburse the seller as the buyer would not pay for them.

     

    I heard from my title rep that she thinks they are former Wamu loans that Chase aquired and maybe they do not have all the loan paperwork and can not foreclosure them????? Anyone have any thoughts on this??

     

    Kathy Dyer

    Keller Williams Roseville CA

    Lic # 01723710

    916-759-2147

    CDPE

    www.UpsideDownHomeCures.com

     

  • Kathy Dyer Realtor Rosevillle Ca May 5, 2011 at 2:11am

    Kathy Dyer said,

    Yes this does sound serious. I think my client had one of those preditory loans. Maybe robo loans? Where the bank did not do the proper paperwork?  What do you all think?



    Donna Clayton, Broker, MBA said:

    I recently completed a short sale file and the negotiator sent the HUD1 back to me with a request to add the $20,000 into the HUD1.   Per her instructions, I resubmitted the HUD1, with the $20,000 payment to the borrower reflected as a reduction in the 1st Lien payoff.  This sounds pretty serious to me.  We are now awaiting final approval.  I'll let you all know if the borrower really gets the money!!  Stay tuned......  :)
  • Donna Clayton, Broker, MBA May 4, 2011 at 11:42pm
    I recently completed a short sale file and the negotiator sent the HUD1 back to me with a request to add the $20,000 into the HUD1.   Per her instructions, I resubmitted the HUD1, with the $20,000 payment to the borrower reflected as a reduction in the 1st Lien payoff.  This sounds pretty serious to me.  We are now awaiting final approval.  I'll let you all know if the borrower really gets the money!!  Stay tuned......  :)
  • Shannon M Thomas May 4, 2011 at 10:52pm
    wow, I never heard of it.  If its for real?  Sorry but sounds so outrageous.
  • Leticia Arteaga May 4, 2011 at 10:43am
    Yes! I have two s/s listings with this type of incentive to sellers.  One has been approved and other in process.... the catch is that if there is a 2nd lein holder, they have to approved this incentive as well or seller cannot take advantage even if CHASE is willing to.
  • Rick Trono May 4, 2011 at 9:20am

    Donna,

     In CA can't be MERS...court ruling on late Feb. this year, ruled for MERS. Your best guess what some of those unspecified reasons could be?


    Donna Clayton, Broker, MBA said:

    I have heard that these are the loans that Chase would have difficulty foreclosing on due to unspecified problems with the loans.  This is only hearsay, but if you think about it, it makes perfect sense.

    Rick Trono said:

    Yes, I have been hearing this from agents in the Bay Area. No one know the "why and the who" will get these letters. It is so ironic. All along we have been telling the sellers "there could be no benefit to them...must be an arms length transaction" Now Chase does this.

     Keep this discussion alive we need to know more! 

    it is the "list assist" program.  nobody seems to know the formula on who qualifies and why.  seems about 1 and 4 in distress are getting this letter.  I am guessing they are all the junk loans absorbed by WAMU.  Not every chase borrower is getting them though.  Anyone have insight on who and why certain borrowers get the option and some dont???

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