recently attended the 64th Annual National Association of Real Estate Brokers (NAREB) convention in New Orleans. NAREB is committed to democracy in housing for all Americans, and particularly those who are low or moderate income.
I sat in a training session with a Chase Bank executive and she asked, “Why aren’t your distressed homeowners accessing the relocation money?” I was blown away and replied, “What relocation money?” Chase Bank is offering up to $30,000 to their borrowers whose loans are in foreclosure status.
Yes, that’s right. Up to $30,000! I wouldn’t have believed it if I had not heard it from the proverbial horse’s mouth.
I know you must be thinking the same thing that I was: “What’s the catch?” As far as I can tell, there is none. Chase Bank seems committed to assisting their distressed homeowners who are facing foreclosure and cannot modify their loans.
Here are the criteria for qualification:
- The loan must be serviced and owned by Chase Bank.
- The loan must be in foreclosure.
- You must have exhausted all other options for home retention, such as loan modification and short sale.
- You must have a proven and documented hardship.
Loans for which Chase acts as a servicer only do not qualify. Unfortunately, the private investors who use Chase as a servicer have not offered this program. If you believe you might qualify, contact Chase Bank’s Customer Service Department or Home Retention Department and ask if your loan is owned and serviced by Chase Bank.
All too often children and families are displaced and are forced into shelters or temporary housing after losing their home to foreclosure. Some lucky families move in with relatives or friends after foreclosure. I would prefer that no one be faced with these options. So I’m committed to getting the word out to as many people as possible.
Understandably, there can be concern about scammers who prey on vulnerable and desperate homeowners. I want to caution you against giving your personal information to anyone who does not work for Chase Bank and claims they can help you get the relocation funds. Also, you do not have to pay any money for this program. Do no give anyone money who says that can help you receive these funds.
Visit Chase.com or call 866-550-5705 for more information. If you received a letter about the program and the date to respond has passed, please call today. Chase has extended the program due to a low response rate.
Feel free to contact me for help or to answer questions: info@BLACdetroit.com. Or leave a comment below.