Chase Paying Homeowners to Complete Short Sales

June 27, 2011 No Comments »

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Short sales used to be really difficult.

Heck, they still are time consuming and cumbersome, but mortgage lenders seem to be warming up to them a bit more, perhaps in light of the ongoing foreclosure drama.

In fact, a staggering 19 percent of May home sales in California were short sales, not far off the from the 29 percent foreclosure-share.

The latest evidence of this trend comes via the Sun Sentinel, which reported that Chase is offering some Florida-based homeowners behind on mortgage payments $10,000 to $20,000 if they agree to a short sale.

Seems a little too forgiving, no? They’re underwater and behind on payments, yet they get to walk away without recourse with extra cash in their pocket.

Banks Cutting Their Losses

It appears as if banks are really starting to cut their losses, instead of allowing homes to slip into the foreclosure process, which is becoming more and more complicated by the day.

Why deal with all that uncertainty of foreclosure at this point when you can (probably) save some money and get the home back in good shape, right?

So how do you get considered for the short sale program with no name?

Well, a Chase representative noted that homeowners behind on their mortgage must call the lender or visit one its 13 mortgage help centers in Florida for any chance at being considered.

From there, it’s probably a lottery…

It’s unclear if homeowners in other states are eligible.

Read more: What is a short refinance?

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