Yes it's true. I didn't think it was when a potential Seller called me in December to see if I could place his Bellalago Short Sale on the market. He said that Chase contactied him and offered him $20,000 to short sale his Florida property. He had 3 days to get it listed and send them the listing agreement. They also told him he didn't have to provide them with any financial information. Just a listing agreement, contract, HUD 1 and a hardship letter.
My first thought was "Yeah sure". My second thought was "What's your email address so I can send over the listing agreement!!"
Once the property was listed I called Chase and they confirmed everything my seller had told me. I still had my doubts though.
Anyway, we found a Buyer and the documents requested were sent to Chase in March. Earlier this week we received the approval and sure enough....they are giving the Seller $20,000 at closing. Not only are they giving him this money but Chase also agreed to pay almost 3 years worth of pass due HOA fees totaling more than $15,000!!
This particular Bellalago short sale was bought as a Florida Investment home. It's currently vacant. The property was purchased for $325,000 in 2005 and just sold for $162,000. Chase accepted $115,000 on a balance of $300,000. Full Waiver of Deficiency. No contribution from the Seller.
Advice to delinquent borrowers: Be sure to open ALL correspondence you receive from your Lender. You may just receive "An offer too good to believe". Believe it.
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Comment
The loans were with WAMU or EMC likely portfolio or owned by Chase. (Wachovia is Wells). Because the servicing money was not there for Chase, they cut the loans loose, and all parties involved get paid. The invite is the big part or for us agents find out if the loan is held by Chase and then go after the it.
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