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. Finally it is the U.S. Tax payers that pick up most of the bill as the bank can utilize significant write offs.
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.
Original article at Sun Sentinel
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