May I add that I have been advocating a similar procedure to this one. I have advocated returning the entire down payment to distressed homeowners, plus any accrued equity if they were lucky enough to have accrued any in this economy.
The 35,000 dollars being offered by Chase in short sale scenarios is probably a good thing provided the down payment made by the homeowners when they first bought the home is not for much more than that. However one wonders if there is something lurking behind this offer that is not as rosy since this is after all, Chase Bank doing the offering.
The odds of there being a "catch" when the name Chase Bank is involved are probably high. If someone made a down payment of 100,000 dollars on a home, and now may be leaving it via a short sale, the 35,000 dollar offer may be better than nothing, but is the homeowner leaving behind their own hard earned money, for what?
My concern is that this 35,000 dollar offer is a one size fits all and that may not be fair in certain situations.
The odds of there being a "catch" when the name Chase Bank is involved are probably high. If someone made a down payment of 100,000 dollars on a home, and now may be leaving it via a short sale, the 35,000 dollar offer may be better than nothing, but is the homeowner leaving behind their own hard earned money, for what?
My concern is that this 35,000 dollar offer is a one size fits all and that may not be fair in certain situations.
