Chase Bank is paying up to $30,000 as an incentive for borrowers to do a short sale. This program has not been well promoted by Chase. In fact, the only way to know if you qualify is to call their Customer Service Department.
I called Chase directly for details and I was told that borrowers would have been notified by letter. From what I can gather, you can’t apply for this incentive. Either, your loan is included or it isn’t. It seems the prime candidates are persons whose mortgage loan was originally a Washington Mutual Loan (WAMU).
It is also important to note that $30,000 is the maximum they will pay and your incentive, if offered, may be lower depending on geographic area and the loss the bank is incurring by accepting the short sale.
Paul Rowe is the managing agent for the short sale division at Shelter Realty. Contact him directly for any short sale questions by emailing: info(at)shelterrealty.com or by calling 702-376-7379.