Short Sale Programs. Home Affordable Foreclosure Alternatives Program (HAFA). The expansion of the government’s Home Affordable program introduces new benefits for those homeowner’s who are no longer able to retain their home but would still like to avoid foreclosure. To qualify under
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Short Sale Programs
The expansion of the government’s Home Affordable program introduces
new benefits for those homeowner’s who are no longer able to retain
their home but would still like to avoid foreclosure. To qualify under
Home Affordable Foreclosure Alternatives (HAFA), homeowner must meet
the Eligibility criteria for the Home Affordable Modification Program
Why Should Homeowner Consider a Short Sale?
If homeowner owes more on their mortgage than the home is worth and
is unable to keep up with their mortgage payments, An-eligible
Short Sale will:
the homeowner’s gross income of all borrower’s on the loan
Already been considered for a HAMP and one of the following is
If homeowner does not meet the eligibility criteria under
HAFA, they may still be able to work with Chase on a short sale.
We have adapted the same Short Sale information Packet to meet
The needs of all our customers interested in exploring short sale as
a workout option.
This includes 1-4 Unit properties, owner occupied, non-owner occupied and second homes.
Does Borrower have to complete more Paperwork?
The Chase Short Sale Information Packet provides full details of the
Information required. If customer recently completed the Chase loan
modification request, some of the documentation related to the
Request for Modification and Affidavit can be used, but we will need
new information pertaining to the Short Sale of your home.
In order for us to evaluate homeowner’s Short Sale Request, homeowner
must gather the required documentation (listed below):
1.Required documentation- may need to be obtained from Real Estate Agent
Property & Neighborhood (BPO)
2.Authorization to Provide and Release Information- must complete and sign. Grants Chase permission to provide information pertaining to homeowner’s mortgage to Realtor.
How is the value of the property determined?
Chase will independently establish property value and an approved list
price. We’ll provide you with instruction regarding the list price and any
permissible price reductions. The Home’s selling price may be based on
days of the Short Sale Agreement
How long is the Short Sale Process?
process. No foreclosure sale can take place during the marketing period
specified in the Short Sale Agreement as long as customer is acting in good
faith to sell the property.
by case basis (capped at a maximum of 1 year per program requirements)
Customer must contact their real estate agent & Chase Short Sale Specialist if more time is needed.
Can Homeowner select their own real estate agent?
Chase Homeownership Centers will refer customers to the following
WWW.REOCHASE.COM If Homeowners are in need of Realtor Referrals.
To be considered for marketing Chase REO Properties go to
[email protected] and submit necessary information.
This could guide a potential customer to you for referral of a listing.