If you have a mortgage with
Chase bank and are having problems with making your payments or are upside down on your
mortgage because your home is worth less than you owe, you may be eligible to do a short sale on your home and be forgiven of your mortgage debt. Chase bank is one of the largest holders of loans in the Santa Clarita and San Fernando Valleys. Chase is a participant in the government Home Affordable Foreclosure Alternatives Program,
HAFA. If you qualify then Chase may upon approving your
short sale and forgiving your loan at close of escrow, also pay you a moving allowance of approximately $3,000.
Even if you don’t qualify under that program you still may be eligible to do a traditional short sale for a home or investment property where your debt will be forgiven by Chase and any other lenders on the note and will be considered paid off.
If you are considering doing a short sale and had already applied for a
loan modification with Chase then you would request a “supplemental packet” from Chase since they would use some of the information that they already have on file. If you had not applied for a loan mod then you would contact the Chase customer service also called their Homeowner Center at 1-866-550-5705 and tell them that you would like a “full packet” to do a
short sale.
You have the right to and should choose your own experienced short sale Realtor. Chase bank may offer to help you find one but they usually recommend their own REO foreclosure agents which may not be in your best interest since you should work with an agent that has your best interest rather than the bank’s at heart.
The package should include these items and the standard Chase short sale forms similar to most other banks;
2 years tax returns, include all pages and all signatures
2 months of all bank account statements, all pages even blank ones.
2 months pay stubs
A budget worksheet of all income and all expenses
A letter of hardship explaining why you need to short sale your home, a severe hardship is not necessary, just logical as to what the problem is.
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