Profile picture for Sandie115

Chase Bank Progam on Short sale

Chase Bank  were owed $230,000 on a mortgage but now on short sale have allowed the agent to put the house up for sale for $60,000 AND they are going to give the mortgagee $35,000 when the house sells.  Somehow I cannot believe this story, maybe the $60,000 is to get interest in the house not sure but... and how is it that someone unable to pay the mortgage is now going to get a  reward  with Chase Mortgage giving them $35,000(thirty five thousand) back, a reward for what????  What program is that?  Gov't money at work I wonder?  OR are they just blowing smoke up this person rear to get them out of the house and trying to sell it in Short Sale?
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 06 2011 - North Fort Myers
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (7)

Chase does have a program where the seller can get money back. I have heard anywhere from $10,000 to $30,000. I do not know the specifics or know exactly who qualifies.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 09 2011
This screams scam...they need to call Chase directly on the phone number that appears on their mortgage statement (not the number in the letter) and discuss their options.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 07 2011
Profile picture for Sandie115
The person in question got a letter stating that if they qualify they could receive 35,000 dollars if the house sells in a certain amt of time but not listed.  The house is worth about 200,000, 230.000 was owed but they put on market for about 175,000 and it did not sell so it was reduced to 140,000 or so and now supposedly Chase is saying to put it to $60,000. I think they are just testing waters and trying to get interest in house and hoping for a bidding war, but if a P+S is signed before bidding war then what?  I guess Chase can refuse the P+S as it is way too low.  At that amount I do not think they would be giving the mortgagee any reward do you think? 
Amazing people can file bankruptcy after charging up a storm or default on a mortgage and be offered a reward for WHAT not paying on time of paying at all? Makes no sense and how do the stockowners of Chase feel about that or is it your and my money from taxes that are being paid to people who lost their homes due to non payment?  I feel bad for these people but do not think a reward for taking on more than they can afford makes sense especially since it is possibly government money.
Just my thoughts.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 06 2011
YES, beware there are alot of scams out there.  They could be VERY close to being foreclosed on and they are try to do a short sale in order to walk away with some money versus none...just a thought.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 06 2011
I'm not aware of such a program.  You could call Chase directly and see if perhaps there's some sort of similar program to what you've mentioned here.  Better to get it from the horse's mouth.

Do you have an idea of the market value of the property in question?  If a $60K market value seems to good to be true, it probably is.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 06 2011
Actually, Chase IS offering up to 30k in incentives for some homeowners to short sale.  I'm not 100% clear on what the requirements are to qualify for the program but it is real and will be state on their approval letter.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 06 2011
If the sellers got accepted in HAFA (a govt program) they can get 3k back at closing but not 35k. Those sellers need to be careful - alot of scams are out there.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
September 06 2011
 
Related Questions
Chase Bank Progam on Short sale
Profile picture for Rose & Joe LoCicero
Latest answer by Rose & Joe LoCicero
September 09 2011 | 7 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 1630 32 Park Ave, Fort Myers, FL Home For Sale
    1630 32 Park Ave, Fort Myers, FL 33902

     For Sale: $125,000

    • Beds: 5
    • Sqft: --
    • Baths: 4.0
    • Lot: --
  2. 3864 Madison Ave, Fort Myers, FL Home For Sale
    3864 Madison Ave, Fort Myers, FL 33916

     For Sale: $100

    • Beds: 1
    • Sqft: 1
    • Baths: 1.0
    • Lot: 9060
  3. 3717 Michigan Ave, Fort Myers, FL Home For Sale
    3717 Michigan Ave, Fort Myers, FL 33916

     For Sale: $76,000

    • Beds: 3
    • Sqft: 1008
    • Baths: 2.0
    • Lot: 6969