home affordable foreclosure alternatives

“The Cove”

Priced to sell $237,000 

Beautiful turnkey home nestled at the base of the San Jacinto mountains in the quiet, very desirable community called “The Cove”. This home is well maintained and clean inside and out! The kitchen features granite countertops and an open floorplan that leads into the living room. The front and backyard are fully landscaped with water wise plants and rockscape. All 4 of the bedrooms are located upstairs. Good sized master bedroom and bath with walk in closet. The community offers two private, gated parks for residents only. Great veiws of the mountains and a great location off of Warren Rd. close to Dominagoni Parkway and the 79. Minutes away from schools and shopping.

Please contact Miguel Aguilar at 951-634-8843 or Miguel@MiguelsWorld.org

 

 

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Chase Extends Cash Incentives to Struggling Homeowners

Earlier this year, Chase announced an aggressive new approach to their Short Sale Outreach Program. In an effort to incentivize struggling homeowners to attempt to short sale their home instead of going through the foreclosure process, Chase stated they would give delinquent borrowers a sizeable amount of cash after the sale of the property in default was complete.

So who does this affect and how much money are they really offering? Homeowners who have their current mortgage owned by JP Morgan Chase (not just serviced by the company, although exceptions have been reported) are eligible to apply for enrollment in the program. The cash incentives of $10,000, $20,000 or sometimes even $30,000 are offered to participants in the program in exchange for agreeing to facilitate a speedy sale of the home. The amount of the incentive is dependent upon the size of the outstanding loan balance.

This past summer it was reported that JP Morgan Chase had completed the most short sales and deeds-in-lieu of foreclosure since the official launch of the Home Affordable Foreclosure Alternatives (HAFA) program back in April 2010. The short sale processing time frames for parties enrolled in the Outreach Program are also something for Chase to brag about; the mortgage giant indicates they will provide an answer within 35-45 days after receiving the offer on the home. These expedited time frames far surpass what most homeowners and Realtors have experienced, sometimes waiting up to two years to receive a response on a submitted offer.

Chase has indicated that letters have been mailed to those borrowers they would like to invite to join the program, however that doesn’t mean it isn’t worth a call confirming one way or the other. Though the program has been promoted as “invitation only”, homeowners looking to find out if they qualify for the Short Sale Outreach Program should still contact Chase directly to determine if their loan qualifies for the the offer. The next step in the process should be to contact a licensed, experienced Realtor® in order to discuss a game plan for listing the property and submitting a short sale package. It is also strongly recommended that the homeowner receives consulting on possible tax consequences that could result from the short sale, which should be provided by a real estate tax specialist.

Do you or someone you know have questions about this program and if it applies to you? If so, please post a comment with your inquiry or contact Miguel Aguilar of Realty World & Associates directly at (951) 634-8843 or miguelsworld@gmail.com.

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