Chase Short Sale Program - Women in Default Services

Chase Military Mortgage Program
Offering mortgage benefits and support to the military
Veterans, military servicemembers and members of the Guard and Reserve can
save $495 on closing costs
Eligible borrowers can:
Apply for Veterans Administration (VA) loans that may offer no down payment
and no monthly mortgage insurance (MI)
Take advantage of servicing benefits that go beyond SCRA protection
Chase is committed to:
Employing veterans
Helping military families and veterans own homes and providing support to help
keep them in their homes
Providing training and educational resources to help veterans transition from the
military and have successful careers
Offering financial solutions that meet the banking
needs of military servicemembers and veterans
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Financial Assistance Program
Helping buyers find a home that fits their budget
1. Applicant is determined to be a Low-to-Moderate Income Borrower (LMIB)
 Applicant(s) are determined to be LMIB when the total qualifying income is
equal to or less than 80% of the Area Median Income (AMI) for the location of
the property being purchased as defined by Chase
2. The subject property is located in a Low-to-Moderate Census Tract (LMIT)
 A property that is located within a “low” or “moderate” income census tract
(LMIT) in an eligible CRA Assessment area as defined by Chase
 Property – Owner Occupied within select JPMorgan Chase CRA markets
Transaction Type – Purchase transaction ONLY
Applicant Eligibility – Application must be determined LMIB
OR the property must be located within LMIT
Maximum Subsidy Eligible – up to $1,500
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Mortgage Cash Back Program
Rewarding homeowners with a mortgage that pays them back
Through the 1% Mortgage Cash Back Program, homeowners can get cash back
rewards and earn up to $500 annually for the life of the program
To qualify, the buyer must have their new mortgage payment automatically deducted
from their Chase personal checking account
The cash reward can then be placed in their checking account or applied to the
mortgage principal*
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Our Service Promise:
 A single point of contact for Realtors!
 A dedicated Mortgage Banker who is
accessible and responsive
 Someone who understands their
business and works the way they do
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Additional Benefits for our Priority Partners:
 Access to timely education and insights
• Monthly eNewsletters
• Real Estate Connections events and webinars
 Uncover shared opportunities
• Partner links on Mortgage Banker website
• Short Sale Referral Program
• Bank branch traffic
 Partnership opportunities
• Homebuyer Seminars
• Attend closings and open houses
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Bill Carr
National Distressed Properties Manager
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Trying to Avoid Foreclosure
24 Months Nationally
Based on current month data, average
number of months an account is past due
when foreclosure sale occurs.
Chase has substantial safeguards in place designed to ensure that foreclosures are
both a last resort and instituted only in appropriate cases.
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Chase Short Sale Program
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Chase’s Proactive Short Sale Program
 Short Sale Accelerator Program – offers substantial cash incentives
and deficiency waivers (portfolio specific) to list and sell property
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Chase’s Proactive Short Sale Program
 Preapproved Offer Acceptance – provides a preapproved offer
amount to customers and their real estate agent that Chase agrees
to accept
 Deed-in-Lieu Incentives – provided clear and marketable title
available, Chase may pay incentive and “take the property back”
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Chase’s Proactive Short Sale Program
 Announcement will be sent on October 1 to all real estate agents enrolled in
 Full capability for customers and real estate agents to upload:
• Third party authorizations
• Listing agreements and agreements of sale
• HUD-1 settlement statements
• Financial documentation
• Obtain transaction status updates and communicate directly with
negotiators through the portal, minimizing phone traffic and outside email
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Short Sale – Financing and Timing
 Cash transactions close quickly
 Continual issues with the buyers’ ability to secure financing
 Once short sale approved, takes up to 90 days to close since most
buyers only obtain prequalification
 If financing fails, the account remains in short sale inventory as
long as it is listed, awaiting next offer.
 Proper prequalification of your buyer is critical!
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What Can You Do to Help With a Short Sale?
 Set reasonable expectations regarding timelines and valuations.
 Know your seller. Properly prequalify your buyer!
 Submit complete short sale request prior to receiving a contract or
at time of listing - do not wait for a buyer! Start the process!
 Return required documents promptly (within 3 days of request).
 Ensure proposed transaction is “at arm’s length” and there is no
potential conflict of interest.
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Chase Short Sale Resources
 Short Sale Hotline: 866-233-5320
 alternatives or
 Chase Homeownership Centers:
● Locate Chase Homeownership Centers at
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For real estate and lending professionals only and not for distribution to consumers. This document is not an advertisement for
consumer credit as defined in 12 CFR 1026.2(a)(2).
Union Plus® is a registered trademark of Union Privilege. This program is only available to bona fide members of participating
unions, their parents and children. Eligibility for mortgage assistance begins one year after closing on a Union Plus Mortgage
through Chase. For information regarding mortgage assistance, visit or contact Union Privilege directly.
Borrowers must identify themselves as veterans or members of the U.S. military. Documentation of service may be required to
receive Chase Military Mortgage Program benefits. Restrictions and limitations apply.
Low-to-Moderate Income (LMI) Subsidy is available on purchases only. Not available in all areas. Contact a Chase Mortgage
Banker for details, and to determine eligibility.
For down payments less than 20%, on conventional loans, mortgage insurance (MI) may be required and MI charges may apply.
For the Adjustable-Rate Mortgage (ARM) product, interest is fixed for a set period of time, and adjusts periodically thereafter.
At the end of the fixed-rate period, the interest and payments may increase. The APR may increase after the loan
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1% Mortgage Cash Back: With the patent pending 1% Mortgage Cash BackSM program, customers can earn up to 1% cash
back on their mortgage. This offer is only available for new, residential first mortgage purchase and refinance loans submitted
directly to Chase. The 1% cash back award is calculated on customers’ scheduled monthly principal and interest payments
on mortgages applied for and closed only with Chase. The award does not apply to extra principal payments or to payments
for escrowed items such as taxes and insurance. Customers must enroll in the 1% Mortgage Cash Back program online at within 60 days of closing. Customers without access to should contact their Mortgage Banker within
60 days of their closing for enrollment help.
Awards will be paid approximately 2 weeks after the anniversary of a customer’s closing date. Customers can choose to
have the award paid by direct deposit into a Chase personal checking account or applied to their outstanding principal
balance. Customers must choose how they want to receive their 1% award when they enroll. Customers can change how
they want to receive their award at any time on or by calling the Customer Service Center at the number listed on
their mortgage statement.
To be eligible, a customer must: (1) Have a new or existing Chase personal checking account opened before their loan
closing, and (2) Enroll in Chase’s automatic mortgage payment service. With this service, their mortgage payment will be
automatically deducted from their Chase personal checking account. Payments must go directly from a Chase personal
checking account to the Chase mortgage and not be managed by third parties. Upon the customer’s enrollment, Chase will
review the account to ensure the eligibility criteria are met. If for any reason the account does not meet the above criteria,
Chase will cancel the enrollment in the Mortgage Cash Back program.
This offer is not transferable, is limited to one per customer at any given time, and may be discontinued at any time without
notice. Geographic and other restrictions and limitations may apply. Loans where servicing is not retained by Chase are
excluded. There is a $500 calendar year cap on the principal reduction or cash back amount. The 1% Mortgage Cash Back
may result in taxable income to the customer. We encourage customers to consult with personal tax advisors. For full
program terms and conditions, visit us at
All home lending products are subject to credit and property approval. Rates, program terms and conditions are subject to
change without notice. Not all products are available in all states or for all amounts. Other restrictions and limitations apply.
Home lending and deposit products offered by JPMorgan Chase Bank, N.A. Member FDIC.
©2012 JPMorgan Chase & Co.
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Thank You!

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