Replies to This Discussion

Permalink Reply by Chad Gelsinger on August 20, 2013 at 4:51am

Hi Alisa, we have completed 2 transactions where Chase paid the Sellers $20,000 plus they each received an additional $3,000 in HAFA funds. In one of the files, the homeowners received a letter directly from Chase informing them of the $20K. In the other, the homeowners were not aware of the money (they probably threw the letter away without opening it). In both cases, Chase advised us to include the $20K on the HUD-1 in the 500 section as a "Chase Incentive" payable to the homeowners. The negotiation process was fairly simple and straight forward. 

Permalink Reply by Ben Benita on August 20, 2013 at 4:52am

It is ONLY for the Chase portfolio loans, where Chase is both the Servicer and the Investor (contact me off here, [email protected] to find out how to know who the Investor is).

Chase will also pay up to 8% commission on their portfolio loan short sales!!!

B of A, PNC, and several others have LARGE homeowner relocation assistance programs on portfolio loan short sales as well.

Permalink Reply by Fred Bauscus on August 21, 2013 at 5:44am

Even if the borrower doesn't have a portfolio loan, they can still potentially receive an incentive if the investor is a GSE or through HAFA.