New Chase Short Sale Fast Track. 10 Day Approvals and $20,000 For Moving!!

By
Real Estate Broker/Owner with Tutas Towne Realty, Inc and Garden Views Realty, LLC BK607690
https://activerain.com/droplet/qg

Poinciana Florida Foreclosures

Hi folks. I had a seller call me earlier this week needing a Short Sale agent ASAP!! He hasn't made payments for many months and had actually already moved out of the property expecting to be foreclosed on any day now.

Chase sent him a letter. And fortunately instead of just throwing it away thinking it was another collection attempt he opened it.

Inside was an offer from Chase that he couldn't refuse. Stay in the house, maintain it, bring Chase a contract at FMV (fair market value) and they will approve the short sale within 10 days and give him $20,000 at closing for moving expenses!!! PLUS....a waiver of deficiency.

AND...he doesn't have to provide any financial information. No back statements. No financial statement. No tax returns. No hardship letter. Just a listing agreement, contract and a HUD. At least this is what he was told. Should be interesting to see how it plays out. Have you heard of this program?

Are you facing foreclosure in Florida?

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

The BIO for Bryant Tutas

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***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

The BIO for Bryant Tutas

 

 Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales,  Orlando Florida Short Sales, Celebration Florida Short Sales, Windermere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

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Re-Blogged 10 times:

Re-Blogged By Re-Blogged At
  1. Margaret C. Taylor 12/31/2010 12:57 AM
  2. Dan Goodwin 12/31/2010 05:51 PM
  3. Tim Fennell 01/01/2011 12:01 AM
  4. Irene Kennedy Realtor® in Northwestern NJ 01/01/2011 01:45 AM
  5. Roland Woodworth 01/01/2011 01:25 PM
  6. Randy Randolph 01/01/2011 04:57 PM
  7. Pamela Seley 01/02/2011 05:21 AM
  8. Angelina Clarke 01/02/2011 05:30 AM
  9. Lisa Delzompo 951-704-4559 01/02/2011 06:06 AM
  10. Jim McCormack 01/09/2011 03:35 PM
Topic:
Home Selling
Location:
Florida Osceola County Kissimmee Bellalago
Groups:
Real Estate Rookie
Tags:
chase
short sale

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Ambassador
1,726,157
Richard Weisser
Richard Weisser Realty - Newnan, GA
Richard Weisser Retired Real Estate Professional

Hey BB...

I was wondering if this was a high-end property?

Jan 03, 2011 09:53 AM #78
Anonymous
MikeQ

We got a similar letter (but for $10k), called Chase and they assured us that we were pre-approved and didn't need to do a hardship letter/send them financial docs.  They even gave us an agent and the place was listed.  A week later however they started insisting we send the hardship/financial info. to qualify.  I suspect this is a case of the left arm not knowing what the right is doing.  As of right now the short-sale is "off" because of our refusal to send a hardship letter etc, according to our Chase "negotiatior."  I'd really like to know if this is a legit program as we need to call back Chase and try to talk to someone different.  Any thoughts appreciated.

Jan 03, 2011 01:45 PM #79
Rainmaker
1,142,060
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

MikeQ, It is legit. Not sure why they are now asking you for financial data. You certainly need to speak with someione to get this clarified.

Richard. The property is listed for $165,000. The mortgage is about $300,000.

Jan 03, 2011 11:43 PM #80
Rainmaker
1,516,122
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

Interesting...I take a day off for New Years's and then this falls out of nowhere! Sounds like a reasonable program for reasonable people...did I say that? I will be looking for updates on this one!

Jan 04, 2011 07:38 AM #81
Anonymous
MikeQ

Did call Chase back and talked to the first person again (the one that said no financial data/hardship letter needed).  Now they say we are pre-approved for the short-sale regardless, but we still have to send the info. in as part of the process.  This makes no sense at all of course, but we're dealing with a bank here.  Thinking I'll give them the info... the worst they can do (in theory) is reject the short-sale and we're back to where we were before getting the letter.

Jan 04, 2011 11:11 AM #82
Rainmaker
559,831
Tim Maitski
Atlanta Communities Real Estate Brokerage - Atlanta, GA
Truth, Excellence and a Good Deal

That's amazing. I hope it all pans out.

I love the picture.  One of my all time favorite movie scenes.

Jan 07, 2011 09:23 AM #83
Rainer
190,659
Dave Gubler
Mission Viejo, Foothill Ranch, Lake Forest, Ladera Ranch - Lake Forest, CA
Realtor | Orange County

A past client of mine (now living in Florida) mentioned receiving a similar letter last week and I will be honest... I chalked it up as a fantasy/misinterpretation.  Wonder if this is Florida only for now.  Anyone else know of a similar letter received by a non-Florida homeowner?

Here is the verbiage of the letter:

You could sell your home, owe nothing more on your mortgage and get $20,000!

 

Dear _________:

 

We're contacting you because we have a new program that could be right for you.  Don't lose hope-you have options that may help you avoid foreclosure and make a fresh start.

 

You may be able to owe nothing more on your mortgage and get $20,000 after you sell your home!

 

We would like to talk with you about the possibility of selling your home for less than the amount you owe.  If we agree on a lower sale price and a few other terms and you sell your house for that amount before foreclosure, you will get $20,000.

 

Afte your home is sold through this program you will not owe any future payments for this mortgage.  This program also may allow you to stay in your home while it is for sale.  Plus, after you sell your house, you can use the $20,000 to pay expenses, including moving to a new home.

 

Avoiding foreclosure is possible.

Call us today at 1-877-496-3820

Jan 10, 2011 09:54 AM #84
Rainer
82,850
Jim McNinch
Trademark Loss Mitigation - Spring, TX
Short Sale Specialist, Texas

Now, this is verrrrry interesting.  I tried the number of the post above.  Yes, it is Chase and yes, according to the "gatekeeper" this is no joke!  The program is called Chase Short Sale Outreach Program.  Apparently, Chase has been/is sending these letters out to specific homeowners.  They could not tell me what the criteria is for a homeowner to be put into this program other than those selected will receive a letter.

They also could not tell me if this is geographical only.  But it definitely deserves more research!

Jan 17, 2011 04:58 AM #85
Anonymous
MikeQ

Despite receiving this letter, Chase continues to insist I fill out all the hardship paperwork and the "Request for Consideration of Short-Sale form."  I've gotten different answers from Chase on whether this is a formality or if I still have to be approved.

The problem is, given that this is (at least arguably, depending on how you factor in spousal assets/income) a strategic default I CAN'T sign all the paperwork because you have to say that the default isn't intentional under penalty of perjury.

I don't see based on this paperwork how anyone could ever do a strategic short sale with Chase.  The paperwork just precludes it if you're honest.

Any thoughts from this esteemed group appreciated : )

Jan 18, 2011 08:47 AM #86
Rainer
2,618
Steve Trang
Stunning Homes Realty - Tempe, AZ

Broker Bryant,

This is a great post! I've heard a lot more from my contacts, and I've broken it down why Chase is doing this program. 

Chase offering $20000 to short sale

Keep up the great work!

Jan 20, 2011 08:11 PM #87
Rainmaker
1,142,060
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

That's interesting Mike. Chase called me earlier this week asking for the seller to provide thier financial info as well.

Thanks for posting that Steve. Would be great if you would post that article over at http://Shortsalesuperstars.com We have memebrs asking abiout seeing the actual letter.

Jan 21, 2011 12:11 AM #88
Anonymous
MikeQ

Bryant,

Good to hear at least someone else had to provide the financials!  I finally just sent them all the info. they requested.  After consulting with an attorney, I realized it is possible to just fill all of it out honestly and the hardship part is very subjective anyway.  Figure if I am just honest about everything the worst they can do is say no.  Cheers.

Jan 21, 2011 12:16 AM #89
Rainmaker
1,142,060
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

Good decision Mike. Hardships are necesarily a requirement for a short sale. Come back and let me know how it turns out. Good luck to you.

Jan 21, 2011 05:25 AM #90
Anonymous
Cherrie

What was the outcome for you all?

Apr 11, 2011 12:22 PM #91
Rainer
12,855
Ian Sells
Diego Homes - San Diego State University, CA

any one get one done... closed and seller paid?? 

Apr 11, 2011 05:19 PM #92
Rainmaker
1,142,060
Bryant Tutas
Tutas Towne Realty, Inc and Garden Views Realty, LLC - Winter Garden, FL
Selling Florida one home at a time

Still working on this one. Subnmitted the short sale request a month gao. Still no answer. So much for being "fast track"!!!

Apr 11, 2011 11:49 PM #93
Anonymous
MikeQ

We received an offer a month ago, and are waiting to hear back from Chase.  They've already extended our foreclosure date several times so it seems like they want to get it done, but no confirmation yet.  We did get something in the mail the other day from them about not being eligible for HAFA, but I don't think that has any bearing on the short-sale we're currently trying to complete.

Apr 13, 2011 05:01 AM #94
Rainer
12,855
Ian Sells
Diego Homes - San Diego State University, CA

I have heard of a few people having success and closing these transactions. See the blog I wrote on the subject.

Chase Short Sale Outreach Program

Apr 20, 2011 05:12 AM #95
Anonymous
Bruce Parker

My seller got the same letter. They listed in 20 minutes. Please keep me posted.

Jun 21, 2011 10:32 AM #96
Anonymous
MikeQ

Chase agreed to a short sale on our house and we have a contract at an acceptable price.  Knock on wood it will close as planned in one month.  They did reiterate the $10k payout as long as they receive their minimum net.

Jun 21, 2011 11:24 AM #97
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