Last week I wrote about a short sale incentive we heard Chase was offering some clients, ‘Would $30,000 motivate you to do a short sale?’ Because I received so many calls and emails about the column I thought it was important to provide an update on what I have learned since.
After talking with so many readers and being interviewed by CBS Channel 13 Sacramento news’s Kris Pickle we have learned Chase is indeed offering an incentive of up to $35,000 to complete a short sale. Further Chase says the offer is for financially struggling homeowners whose homes are worth less than they owe.
Reports back from Chase customers who have called continue to point to an additional qualification, the loan being originated by Washington Mutual (WaMu). It also appears the size of the loan is what determines the amount of the incentive payment.
One homeowner we talked to had received a letter from Chase offering him $10,000 to complete a short sale on a condominium he owns and is months behind in payments.
He called them to discuss and request a higher incentive but was told the amount is non-negotiable. Chase customers who do not have WaMu originated loans were told they did not qualify for the incentive even though they were behind on mortgage payments. Chase indicated they would consider a short sale request but no incentive would be paid unless they qualified for the standard $3,000 HAFA payment.
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