These two articles sure seem to indicate that that's the case!
Article 1 (Realtor Magazine)
Article 2 (MarketWatch)
An interesting bit mentioned in there is the new program by Chase, where they incentivize the Seller to the tune of $3,000 - $35,000 as part of their Short Sale Acceleration Program, to encourage them to do a short sale vs. just walking away and foreclosing. Sounds too good to be true? It's real: We recently had a client who received a $25,000 incentive from Chase AND a $3,000 HAFA incentive when they short sold their primary residence. Yes, they were VERY happy. The criteria here, is that this is only applicable to Chase portfolio loans (meaning, owned by Chase, and not Fannie, Freddie, etc). As I mentioned before - banks want to see more short sales, and less foreclosures, and they are willing to put their money where their mouth is!
In my next post, I will discuss how to find out if your loan is owned by Fannie or Freddie, since this question comes up all the time.
Article 1 (Realtor Magazine)
Article 2 (MarketWatch)
An interesting bit mentioned in there is the new program by Chase, where they incentivize the Seller to the tune of $3,000 - $35,000 as part of their Short Sale Acceleration Program, to encourage them to do a short sale vs. just walking away and foreclosing. Sounds too good to be true? It's real: We recently had a client who received a $25,000 incentive from Chase AND a $3,000 HAFA incentive when they short sold their primary residence. Yes, they were VERY happy. The criteria here, is that this is only applicable to Chase portfolio loans (meaning, owned by Chase, and not Fannie, Freddie, etc). As I mentioned before - banks want to see more short sales, and less foreclosures, and they are willing to put their money where their mouth is!
In my next post, I will discuss how to find out if your loan is owned by Fannie or Freddie, since this question comes up all the time.
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