Home Loans and Support

Chase offering Cash for Keys only to Tenants not Owners?

Discussion in 'Foreclosures' started by grandmasusan, Nov 4, 2009.

  1. grandmasusan

    grandmasusan LoanSafe Member

    I was curious if anyone who has a Chase mortgage was offered Cash for Keys? I was told by someone who knows how Chase operates that it is only offered if the agent goes to the house and there is a tenant occupying property, not the owner.

    Can anyone provide feedback? I'm losing my house to Chase in Jan and was hoping to get some $ to help us move.

    Thanks in advance,

    GS
  2. caldwell02

    caldwell02 LoanSafe Member

    I haven't heard of that at all. If you are living there then you are the ones who could get the cash for keys. The point is to get whoever is living there outof the house.
  3. grandmasusan

    grandmasusan LoanSafe Member

    that's what I thought too - but he seemed sure that Chase was against giving Cash for Keys to owners who have been living rent free.

    He actually said it depended on the investor who owned the property and that Freddie and Fannie always gave the money but some investors say NO.
  4. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    I agree with Caldwell. Most lenders do provide cash for keys to help borrowers move out of the home quicker. What department have you been calling?
  5. grandmasusan

    grandmasusan LoanSafe Member

    I haven't talked to anyone at Chase since I told them my income had changed (lost job) since when my HAMP payments were to start.

    My friend who works at one of the Chase Mod Centers is the one that said only tenants were eligible for Cash for Keys. I guess I will find out soon enough in January when the auction takes place.
  6. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    You need to make sure and contact chase before the foreclosure happens. If you do not contact chase then they will not offer you cash for keys..
  7. grandmasusan

    grandmasusan LoanSafe Member

    Oh wow, I did not know that - do you know what dept I should contact to ask for Cash for Keys? Is it Loss Mitigation? I'm not sure where my file is at this point.
  8. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Yes you should contact loss mitigation and let them know your situation and what you would like to do.
  9. grandmasusan

    grandmasusan LoanSafe Member

    Evan, would it be acceptable to bring up the Cash for Keys program or would that be too presumptious to ask for money to move out? My auction date isn't till 1-22 but we found a rental and will be moving out on 11-27. It would be nice to get our current home settled by the end of December.
  10. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Most definitely bring up Cash for Keys. Let them know that you need some assistance with the cost of moving.
  11. grandmasusan

    grandmasusan LoanSafe Member

    I just got off the phone with Chase after being transferred all over the place. I was able to verify that an NOD was filed on 9-24. But it was placed on hold because I was to participate in the Trial Mod program. Because I didn't make my first trial pmt which was due on Nov 1st, eventually the system will let the Chase attorneys know the foreclosure process needs to happen. The rep said it can take months for the sale to actually take place.

    When I asked about a Deed in Lieu she said that I have to first do a Short Sale. Then if Chase gets an offer and doesn't accept it, then I can ask for a DIL.

    My frustration is that I just want this to be over with and put a deposit down on a rental home this week thinking I have to be gone by Jan- now I find out that I might be able to live in my home for more than a few months.

    My sister had her home foreclosed on last summer and it took exactly 120 days from the date of NOD to Trustee sale.
  12. jeraldfler

    jeraldfler LoanSafe Member

    Re owners rv rental

    I personally would not do business with owners rental because I have not used them but I would use the rv outlet

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