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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Yes a current client I just listed got the same letter, offering 10k to be given to him 2 weeks after closing. The letter states he will get this amount if he closes the short sale and satisfies "other terms". Chase won't disclose what these "other terms" are. I asked if anyone had EVER received 10k or any funds at closing but they did not "know". Uh huh. The letter also says "if we agree on a lower sales price". Loopholes everywhere. We'll see what happens, but sounds like another bait and switch from the big banks. BTW, this "new" Chase program promises an answer to the offer in 10 days. They also want to negotiate with the 2nd. THAT is SCARY.
Yes, I have heard of this and was really surprised. I was making an offer for my client on a short sale property and I was told by the listing agent that it is a Chase loan and the homeowner will receive $30K from the lender. She did inform me that it is a real hardship for the homeowner.
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