The Real Deal Miami

Chase Bank offers Florida homeowners incentive to short sell

Since last fall, Chase Bank has been quietly offering some Florida homeowners a deal they can’t refuse, according to the Sun Sentinel. In return for $10,000 to $20,000, borrowers behind on their mortgage payments will agree to a short sale. In other words, Chase is forgiving homeowners the money they owe, with a cash bonus to boot.

“It’s like hitting the lottery,” said realtor Chip Rowand.

Chase spokeswoman Nancy Norris explained that the bank is cutting its losses and choosing to avoid lengthy foreclosure proceedings. “Our goal is to help as many people avoid foreclosure as possible,” she said.

“To have any chance at the program, homeowners behind on their payments must call the lender or visit one of its 13 mortgage help centers in Florida,” she continued, though the program is entirely dependent on individual circumstances. [Sun Sentinel]