Chase Home Mortgage is offering large sum of cash for home owners during Short Sale. In fact, the practice has now become standard with Wells Fargo Home Mortgage being the latest lender to offer large cash incentives to San Jose Home owners who have a Wachovia Bank or World Savings Loans.
The justification for paying a San Jose Short Sale home owner $25,000 is that these payments prevents the banks from going through the lengthy and often costly Foreclosure process. Without these payments, the home could move to foreclosure which based on latest ForeclosureRadar stats takes more than 240 days or about 8 month! And banks know better than anyone that time is money.
In addition to time, foreclosures costs the banks money by adding holding period of 30-60 days along with 6% commission costs of an REO sale. Compounding the problem is the other options such as bankruptcy that could delay the whole process.
So, the banks have concluded that they are better off paying some money up front and getting rid of the problem sooner than later. And it’s up the home owners to take advantage of these incentives.
But before you decline the HAFA Short Sale, make sure that your loan has not been sold to a 3rd party investor and is still owned and serviced by Chase Home Mortgage. For our Short Sale clients in San Jose we utilize a 3rd party Authorization to confirm the loan information. This information is critical to confirm the availability of these incentives to these home owners.
To qualify for these relocation incentives, your lender will require a handwritten letter stating that you are declining HAFA Short Sale as an option. These large incentive have expiration dates and might not be around for long.
Even if you have completed your bankruptcy you might still be eligible to receive these incentives for relocation Contact Us if you have any questions on your Chase Short Sale since these are limited time offers from these lenders who are offering Cash for Short Sales.