Get $45,000 to do a Chase Short Sale

Posted on September 20, 2012 | by Denny Oh

*I am not an attorney nor a CPA and you should consult with both to make sure that what you decide to do is the best option for your situation.  

In case you haven’t heard, it’s much easier to complete a short sale with JP Morgan Chase now.  The last one I did took a few months and now they’re getting even easier!  According to a Chase REO specialist I met with today, Chase has streamlined its short sale process and they’re doing everything they can to help people either keep their homes (via a loan modification), or short sell it (if they qualify).  If you’re home is upside down and you want help keeping it, or want help selling it, READ THIS BLOG!

Loan Modifications

If you owe more on your mortgage than the home is worth and you  want to keep the home, a loan modification may be the solution.  In the past, loan modifications were a joke and almost never resulted in a long term, or worthwhile solution for the home owner.  Most people would send in tons of paperwork the bank, leave countless messages and then a year later, their lender would tell them that they did not qualify for a loan modification.  At that point, the home owner would be so far behind on their payments, that the bank would then start to foreclose on the person.

Today, at Chase, loan modifications take about a month.  The key is to deal with someone who knows how to help you and not by calling into the main customer support centers.  Instead, talk to you realtor (me) and go into a Chase Mortgage Modification Center.  Here, quickly be able to figure out if you qualify for a loan modification so you can decide what to do.  Chase is participating in rate reductions, amortization adjustments, principal reductions and combinations of those options.  For the first time, it sounds like a loan modification may be the best option (if you want to keep the house).

Short Sales

If you decide that you don’t want to stay in your home, or it’s an investment, or you can’t get a satisfactory loan modification, then a short sale might be your best option.  In a short sale, the bank(s) agrees to accept a payoff that is less than the amount owed to them.  Short sales are better than foreclosures and generally don’t cost sellers a penny.  In fact, many people are being paid to complete a short sale!  The Chase representative I spoke with said that on average, sellers are receiving approximately $18,000 to complete a short sale with Chase in San Diego (this only applies to those who qualify for these incentive programs and when Chase is in the first lien position).  The amount being offered varies on multiple factors, but the amount given ranges from a few thousand dollars, up to $45,000!

What’s even better is that some banks, including Chase, are allowing sellers to complete a short sale without being late on their payments (for those who care about credit).  In the past, banks wouldn’t even talk to you unless you were behind on payments.  I’m not 100% sure how this will/won’t impact your credit, but it certainly seems like it wouldn’t be as bad as a “traditional” short sale.


So what’s the next step for you?  Well, if you want a free Comparable Market Analysis (CMA) to get a better idea of what your home is worth, just let me know.  All I need is your address and I can give you a pretty good idea of what it’s worth in today’s market.  From there, we can talk more about your options and the pros and cons of them.  I can also refer you to an attorney and CPA who can advise you on the legal/tax ramifications.

I’ve helped dozens of people with shorts sales and understand what needs to be done.  Call me, Denny Oh, at 858-243-2092 or email me at [email protected].  Get paid to get rid of debt!!




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