Chase Short Sale was one of the first proactive lenders to offer a special seller incentive program offering some selected homeowners up to $30,000 who are delinquent on their mortgage in the CHASE SHORT SALE OUTREACH PROGRAM. In addition, some homeowners qualified for an additional $3,000 for the HAFA PROGRAM.


It's Real! I closed one a couple of weeks ago where the homeowner walked away with a check for $23,000 at closing. Chase was one of the first in the industry to encourage homeowners to do a short sale, avoid foreclosure, walk away with no deficiency, and a check at closing. This is a streamline Short Sale Program with Chase, and they have their own team who determine which loans qualify. If your loan has been accepted you will receive a short sale letterfrom Chase advising you about your incentive.




You should start with the loan modification package. In order to do a loan modification, you must submit documents to see if you are eligible. A Loan Modification is a permanent change to the terms of a mortgage that will make it more affordable for borrowers with a financial hardship.


The four steps include

  1. Determine eligibility
  2. Submit application
  3. Supply your supporting documents – A checklist is provided with the required supporting documents (e.g., bank statements, W-2 forms) that you'll need to submit with your Request for Modification.
  4. Sign and submit your documents




Chase will collaborate with the Short Sale Realtor in completing a successful Short Sale. They will try to help you stay in your home, but in the case that you can no longer afford your mortgage, selling your property in a Short Sale may not be your next best choice.


The government expanded the HAFA (Home Affordable Program Alternative) program with new benefits for homeowners to avoid foreclosure. Even if you don't qualify for HAFA, you may still qualify to do a Short Sale.


If you find yourself in the situation of not being able to afford your mortgage, and your home is currently "Under Water", where you owe more than its current market value, Chase will accept less than what is owed. It will have a more positive effect on your credit, and they will allow you to chose your own Short Sale Specialist Realtor to market your home.




When you let you home go into foreclosure, it goes on your credit report for a period of 10 years or more, may make you ineligible for financing a loan for a period of 5-7 years, credit score may be lowered anywhere from 250-300 points, and lenders can seek a deficiency judgment for the full amount.


The lender is also required to report all foreclosures and deeds-in-lieu of foreclosure to the Internal Revenue Service. The IRS may send you a 1099 and you could have increased tax liability. It is recommended you consult with a tax advisor for further information.


A Short Sale is not reported on your credit history, only late payments and you may only lose 50 to 150 points depending on the time frame to complete the short sale. When a Short Sale is successfully negotiated, you can typically purchase again in 2 years, and in most cases Chase will waive any right to seek a deficiency judgement against the homeowner.




Contact your local Short Sale Specialists at about listing your property. The property should be listed at a fair market value and you can discuss it with your agent. The Short Sale Agent will know how to properly market your listing. Once you receive an offer, your Short Sale Agent will contact a Chase Loss Mitigation Specialists and you will need to submit your Short Sale Information Package.


Monica Walsh with is a Short Sale Specialist, with Chase Bank, and has successfully closed numerous Short Sales with Chase bank over the past several years.


Contact us today.


Monica Walsh - Broker

Chicago Top Producer

Solid Realty Services

3056 N. Clybourn Avenue #CN

Chicago, IL   60618

 Cellular: 312-731-1010

Fax: 312-667-9257

OR use our contact form.


CAR Top Producer Award Monica Walsh earned the CAR Top Producer Award, for THIRD year in a row.

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