Mountain House CA Real Estate
Solving The Foreclosure Crisis One Homewoner at a Time
HAFA (Home Affordable Foreclosure Alternative)
CHASE SHORT SALE "OUTREACH PROGRAM"
CHASE Bank is offering to "select" homeowners to sell their home as a Short Sale. Some homeowners are receiving letters from CHASE offering them up to $30,000; I have personally closed amounts at $20,000 here in Mountain House. The program is very new and as you can imagine very "hush, hush" by the bank and their representatives. As a result of the program being so new there is no exact way to know if the homeowner who has a loan with CHASE will qualify. After speaking to the Executive Board I can tell you that they have "reluctantly" shared with me the following information below as an outline to follow for a homeowner who is completing a short sale without receiving the "Outreach Program" letter.
The name of the program is -- Chase Short Sale Outreach Program
It is a program designed to help motivate homeowners in an effort to prevent foreclosure
It's is on loans where Chase is the investor
There is a maximum incentive amount
On November 30, 2009, the US Treasury Department created the HAFA Program (Home Affordable Foreclosure Alternatives Program) to establish short sale and deed-in-lieu of foreclosure (DIL) policies, procedures and forms to provide alternatives other than foreclosure for borrowers. This program was created for those borrowers who:
1. Do not qualify for HAMP;
2. Are unable to complete a HAMP loan modification; or
3. Do not accept a HAMP loan modification
The program expires December 31, 2012 unless it is extended. Lenders and servicers participating in HAMP, and all other qualifying loans, are required to follow the new rules in the HAFA program for all loans which meet the program’s qualifying criteria.
1. Standard process flow;
2. Minimum performance timelines;
3. Standard documentation;
4. Utilizes borrowers financial and hardship information collected in conjunction with HAMP, eliminating the need for additional eligibility analysis;
5. Allows the borrower to receive pre-approved short sale terms prior to the property being listed;
6. Prohibits the servicer from requiring, as a condition of approving the short sale, a reduction in the real estate commission agreed upon in the short sale agreement;
7. Requires that borrowers be fully released from future liability for debts (no deficiency liability); and
8. Provides financial incentives to Homeowners $3,000, servicers and investors and junior lien holders.
URGENT: HOMEOWNERS! IF YOU ARE APPLYING FOR A HAFA SHORT SALE, ONCE YOU RECEIVE THE HAFA PAPERWORK FROM THE BANK, YOU HAVE EXACTLY 14 DAYS TO HAVE IT COMPLETED AND SENT BACK. IF YOU ARE 1 DAY LATE THEN YOU WILL AUTOMATICALLY BE "DECLINED" FOR YOUR HAFA INCENTIVE, NO EXCEPTIONS FROM THE BANK!