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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Thanks Dana for the heads up. Actually Chase sent the letter before it was listed. The client tried for a loan mod for 1/12 years.
Finnally Chase sent the letter before the loan mod was either tunred down or accepted. The property is now listed at 365K. Loan on it is for 550K. I did read the letter and no hidden messages for now at least. Straight forward. I will get a copy of the letter and attach to this post when I can.
I will keep you all posted.
Awesome! It appears thus far that California is definitely one of the geographic areas that are benefiting from this program. In this worse market of the century it was probably more than your seller would've received, if anything at all, if they tried to sell it without a shortsale.Thanks for sharing Guy!
WOW Donna, I agree with that. My client also has a terrrible adjustable loan. Not sure why they do not loan mod them??
Thanks for you input Diego. I heard from someone in my office that Chase did call a reatlor about a sort sale listing. Interesting that they are giving realtor leads. SWEET
I am working on one of these myself, $10,000 in this case, no deficiency and 6% commission. The seller has filed for bankruptcy on this and several other properties and has been released. Do you know if your seller has filed for bankruptcy? I talked with an attorney on that and according to him there is no deficiency (I figured that) but he will get a 1099 so he has to be able to offset the income with losses or else it does not make sense.
Hi Susan,
No my client has not filed for BK so that is not a variable in this case, but his defiecency is high, that is whay maybe he is getting more money? Since they already had his 1120 and 1040 info- they knew his tax bracket?? It wold be good to know all the parameters.
So far here is what we all have in common
Bad loan- adjustable is high
Chase owns the loan
Refi on my case
Investment property my case
They give 10K-30K to sellers
No deficiences
6% commission to agents
fast close
no supporting info
Seller was in middle on loan mod
How about age of clients?? Mine is over 65
I guess in order to have the seller cooperate with the bank in assisting in the sale is why they offer it and to offset the 1099.
I don't know his age, I have never met him. Maybe they figure it will cost as much if not more to foreclose?
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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