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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.
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.
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 They also offered him $10,000 for his $700,000 house but appear to have withdrawn that, saying they never made it!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?
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.
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
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?
Chase Home Mortgage was offering these incentives but they look like they are no longer available.
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