Chase Offers Cash for Keys to Short Sale Borrowers

This may sound absurd, but according to the South Florida Sun-Sentinel, Chase is offering certain borrowers a sizable chunk of change for closing a short sale.

Borrowers may receive $10,000 – $20,000 from the mortgage giant for agreeing to a short sale.  But not every borrower is eligible, and the borrower cannot ask be to considered for the program (which is unnamed for now).  The Sun-Sentinel says it depends on “individual circumstances,” but that Chase doesn’t say what those are.

Chase may be the first major lender to have figured out that short sales, on average, bring a lot more money than foreclosures.  And as long as the bank is dangling a $20,000-carrot in front of a distressed borrower, the borrower just might be enticed to keep the home in good condition.

But remember, just closing a short sale isn’t the only goal for the underwater seller.  An experienced short sale attorney should work to make sure the lender’s approval of the sale includes an agreement to fully release the seller.

 

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