Chase has new out reach program called Chase fullfillment I had a client who stopped paying HOAS mortgage etc I had it listed she handed the keys back to the bank and I took condo off the market. In Dec 2010 the unit was to be sold at the court house that did not happen. March 2011 Chase calls her and asks her to get realtor, list the property at fair market value as short sale, if and when the deal closes she will get $10,000 no hold over debt and Realtors split % 6 commission.
I listed and got full price, cash offer from buyers who were currently in China. Then the fun started try to get the approval letter it took four processors to get to the final decision maker, with that done now we have to get the HOA attorney to a agree on $7,000 dollars less then is owed. Finally got that and with a couple extension's the deal closed.
With out the help of the Title company's short sell division this would has been too time consuming but they were great and all ended well.
You can go on line and get all the information about the program as well as loan modification application.