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CHASE is in the FORECLOSURE business, not the Modification Business - read the full story HERE.

By
Real Estate Broker/Owner with Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management 01490605

2nd Largest Bank - Chase


CHASE is in the foreclosure business, not the modification business.”  

I read the article  


I can't vouch for the accuracy of this article, and it wasn't written by CNN, NewYork Times, Wall Street Journal or the Los Angeles times, however in the article is even 50% accurate it gives great insight on why our short sales and loan modifications are NOT being approved, despite Billions of our Tax Dollars being pumped into big banks to help homeowners.

This is an interview with a PREVIOUS CHASE employee who was young, thought he was getting a nice coushy job at a bank.

What he discovers is that his bonuses are based on pushing homes through to foreclosure as fast as possible.  Short Sales and Loan Modifications only delayed the process.

He states that a lot of investors have claimed bankrupsty, and so they are liquidating their portfolio.  Yes, you read that right, they want LIQUID FUNDS, not a short sale, not a loan mod, they want CASH.  How do you get cash if the home owner is not paying their loan payments.  Yes, you guessed.  Auction, Foreclosure, etc.

Jared even goes on to say 
“A perfect foreclosure was supposed to take 120 days,” Jared explains, “and the closer you came to that benchmark, the better your numbers looked and higher your bonus would be.”

 My guess is IF these are the procedures at CHASE, the other banks' procedures are similar.   
I'd love to hear your opinion.  Read the article and let me know what you think?  Do you think we can do anything to change this?  Chase Bank, do you want to chime in. 

 

Nancy Corsaut
Zephyr Real Estate - San Francisco, CA

Interesting post.  I swear nothing surprises me anymore and I am completely disgusted by the banks.  They have no interest in helping homeowners save their homes and their greed always seems to prevail. 

Oct 13, 2010 06:30 PM
Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

This is why we should not have a bail out system.  Then the banks are cornered and have to do short sales that cost less than a foreclosure.

Oct 13, 2010 06:31 PM
Susan Goulding
Crown Key Realty, Inc; Tracy & Mountain House Sales and Property Management - Tracy, CA
Northern CA - Tracy & Mountain House Real Estate

Nancy - I have to agree with you.  Their interests are self serving and they are supported by OUR GOVERNMENT that was supposed to protect the little people.  So-- what can we do?

Elite  isn't a 'foreclosure" a legal way to not have a bail out.

Oct 13, 2010 06:34 PM
Melanie Ross
Coldwell Banker Solano Pacific - Benicia, CA
Benicia CA & Vallejo CA Real Estate, 707-319-2828

This is oh so scary.  I would love to know the whole truth and nothing but the truth!

Oct 15, 2010 12:46 PM