Banks paying homeowners to short sale instead of froeclosure

[mjiossa3521]

according to AGBeat(dot)com
Bloomberg obtained a letter from JPMorgan Chase to a homeowner stating, “You could sell your home, owe nothing more on your mortgage and get $30,000.”

read on:
http://agbeat.com/real-estate-news-e...to-short-sale/

doesnt completely shock me but what are your thoughts

[satxproperty]

Chase Bank is full of numbskulls.

BTW, debtors beware of the IRS Form 1099 that Chase will mail you for the $230,000 as income.

[Cheryl Marcum]

That is crazy! I am never ceased to be amazed at the interesting things happening in our mortgage "breakdown" world. I would make sure that you didn't get hit with a deficiency judgement too - that might be where they get you?

[JohnWoodward]

You really have to ask yourself, why would a bank give a homeowner 30k to get out of their home vs. just going ahead and foreclosing? Because they are nice? I don't think so! I suspect the growing numbers of folks who realize they have defenses in a foreclosure case has them looking into other ways to stay out of court. Look at who got the "get out of jail free" card last week with the settlement the the AG's. Anyone working this business knows how difficult the banks are and that they don't do anything unless it benefit them. I ran a quick check in my own subdivision and there are six recent foreclosure filings....every single one of them has at least filed a motion to dismiss and most have an attorney to defend the case. It wasn't that way a few years ago. So, if you were a homeowner and the bank offered 30k to move, you almost have to believe the bank knows that if challenged in court, they might not win. Something to think about...

[Kjmendy]

Good to at least see there are some options for US home owners to resolve their housing mortgage mess.

The sooner people get out of trouble the better.

[satxproperty]

Every potential short sale owner I talk to would be tickled pink to get the bank to accept the short sale ... Why do the banks think they need to pay owners over and above to get out of the mortgage?

They are already forgiving them of thousands of dollars. What's a few more thousand? Right? Sounds to me like this is the government's idea or the government is involved somehow.

[brianbporter]

I would believe it. I had a client receive a similar letter from Chase, but with a lower amount... $15,000. Chase was very proactive in the short sale process, and we able to list and close the transaction in about 9 weeks. BTW, my client did receive the $15,000 check from the title company at closing. It was the quickest and easiest short sale I have ever done.