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The Chase Short Sale Packet form is an essential tool for homeowners seeking to engage in a short sale process. This packet is not just a single document; it encompasses several key components that help facilitate the evaluation of a short sale request. Homeowners must complete and sign all necessary sections, ensuring they provide a thorough account of their financial situation and the circumstances leading to their request. A critical part of this packet is the Required Documentation Checklist, which outlines specific documents that borrowers and co-borrowers must submit, along with essential information from their real estate agents. The Authorization to Provide and Release Information form allows Chase to share relevant mortgage details with authorized agents, streamlining communication. Additionally, the Request for Consideration of Short Sale delves into personal circumstances and property specifics while also requiring recent tax documents via the 4506T-EZ form. Proper completion and submission of these forms enhance the chances of a successful evaluation by Chase, making every detail important for homeowners navigating this challenging financial situation.

Form Sample

Short Sale Information Packet

In order for us to evaluate your Short Sale request, you must complete this packet, sign in all the required places and fax or mail it to Chase with the required documentation.

Please keep a copy of everything you send to us for your records.

This packet contains the following items:

1.Required Documentation Checklist –

Detailed list of the documents you must send to us in addition to the packet

a.From You, the Borrower and Co-borrower

b.From Your Real Estate Agent

2.Authorization to Provide and Release Information –

Grants Chase permission to provide information pertaining to your mortgage to necessary agents

3.Request for Consideration of Short Sale –

Information about your property, loans, income, etc., as well as details on the circumstances that have made it difficult for you to stay up-to-date with your mortgage payments

4.4506T-EZ Request for Transcript of Tax Return Form –

Allows Chase to receive a transcript of your tax return to verify income information

If you need any assistance completing this packet please contact us:

For Chase mortages: 800-446-8939.

For WaMu mortgages: 800-848-9380.

Please send the completed packet as well as all required documentation to Chase:

By Regular Mail:

By Overnight Mail:

Chase Fulfillment Center

Chase Fulfillment Center

P.O. Box 469030

4500 Cherry Creek Drive South

Glendale, CO 80246

Suite #100

 

Glendale, CO 80246

 

By Fax: 866-220-4130

Important Information

We are attempting to collect a debt, and any information obtained will be used for that purpose.

We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report.

If you are represented by an attorney, please refer this letter to your attorney and provide us with the attorney’s name, address, and telephone number.

If you are currently a debtor in bankruptcy proceedings and subject to the protections of the automatic stay, or if you have received a final discharge in a bankruptcy, this notice is for compliance and/or informational purposes only and not an attempt to impose personal liability for the debt in violation of the bankruptcy laws. However, Chase Home Finance LLC still has the right under the Mortgage to foreclose on the Property.

SSIP 04/10A (Chase)

Short Sale Information Packet Page 1 of 9

Required Documentation Checklist

1A. FROM YOU, THE BORROWER AND CO-BORROWER

If you are a Wage Earner (you receive a W-2 from your employer) please provide:

Two (2) most recent Pay Stubs (two for each borrower)

Length of service with Current Employer: Borrower Year(s):______ Month(s):______

Co-borrower Year(s):______ Month(s):______

Most recent one (1) month’s complete Bank Statement

If you are Self Employed, please provide:

P & L Statement / Audited or reviewed YTD Income Statement (must provide)

Most recent two (2) years’ Tax Returns Completed (personal and business, signed with all pages) or 1099s or most recent two (2) years filed and proof of extension

Last four (4) months complete Business and Personal Bank Statements (must provide all pages. If a business account is not used, provide a written statement stating a business account is not used)

Everyone must provide the following:

Most recent statement(s) supporting assets listed on page 2 of the Request for Consideration of Short Sale Form (must provide all pages of statements)

Most recent completed Tax Return (signed with all pages) or most recent filed and proof of extension (signed with all pages)

Proof of occupancy (if owner occupied) - a recent utility bill in your name at property address

If loan is Non-Escrowed:

A)Copy of the most recent property tax bill(s) with a copy of the cancelled check for all applicable taxes (County, City, School, etc.)

B)Copy of the current insurance declaration page for all applicable coverage types (must show premium amount for homeowner’s, flood, and wind)

C)Proof of payment of Homeowner’s Association Fees (if applicable)

If Non-Owner Occupied:

A)Rental Income with copies of Rental Agreement if a tenant resides in the property

B)Amount of Principal, Interest, Taxes, Insurance, and Home Owner Dues for Primary Residence

C)Primary Residence Address

Authorization to Provide and Release Information- Allows Realtor or designee to discuss the account with Chase, if desired.

Be sure to sign this form

Completed Request for Consideration of Short Sale Form (enclosed). Be sure to sign and date this form.

Completed 4506T-EZ - Request for Transcript of Tax Return (enclosed.) Be sure to sign and date this form.

1B. FROM YOUR REAL ESTATE AGENT

Listing Agreement

Detailed Listing History (MLS Printout)

Sales / Purchase Contract (Signed Offer)

3 Comparable Active Listings/3 Comparable Sales/Pictures of the Property & Neighborhood

HUD (Estimated Closing Statement)

SSIP 04/10A (Chase)

Short Sale Information Packet Page 2 of 9

AUTHORIZATION TO PROVIDE AND RELEASE INFORMATION

TO:

Chase

DATE:

______________________________

RE: MORTGAGE LOAN NUMBER: ______________________________

BORROWER(S):

_________________________________________________

PROPERTY ADDRESS:

_________________________________________

 

_________________________________________

I/(We), _________________________________________________________________________(borrower(s) name(s)) , currently residing

at _______________________________________________________________________ in the County of _________________________________,

State of __________, hereby authorize Chase Home Finance LLP/JPMorgan Chase Bank, N.A (collectively “Chase”) to release, furnish, and

provide any information related to my mortgage under loan number ____________________________ to _____________________________

_______________________________________________________________ (name of third party).

I UNDERSTAND THAT THIS AUTHORIZATION IS VALID UNTIL SUCH TIME

THAT CHASE CONFIRMS IT HAS RECEIVED WRITTEN NOTICE FROM ME

REVOKING THIS PRIOR AGREEMENT.

____________________________________________

____________________________________________

Borrower Signature

Co-borrower Signature

____________________________________________

____________________________________________

Borrower Name (Printed)

Co-borrower Name (Printed)

SSIP 04/10A (Chase)

Short Sale Information Packet Page 3 of 9

REQUEST FOR CONSIDERATION OF SHORT SALE FORM page 1

COMPLETE ALL FOUR PAGES OF THIS FORM

Loan I.D. Number____________________________________

Servicer ____________________________________

 

BORROWER

Borrower’s

 

name

 

 

 

Social Security

Date

number

of birth

 

 

Home phone number

 

with area code

 

 

 

Cell or work number

 

with area code

 

 

CO-BORROWER

Co-borrower’s

 

name

 

 

 

Social Security

Date

number

of birth

 

 

Home phone number

 

with area code

 

 

 

Cell or work number

 

with area code

 

I want to:

Keep the Property

Sell the Property

 

 

 

 

 

The property is my:

Primary Residence

Second Home

Investment

 

 

 

 

The property is:

Owner Occupied

Renter Occupied

Vacant

 

 

 

 

Mailing address

Property address (if same as mailing address, just write same)

 

 

 

E-mail address

 

 

 

 

 

 

 

 

 

 

 

Is the property listed for sale?

Yes

No

 

 

 

Have you contacted a credit-counseling agency for help

Yes

No

 

 

 

 

 

Yes

No

 

If yes, please complete the following:

 

 

 

 

 

 

_____________________

Counselor’s Name: _________________________________________

Agent’s Name: ___________________________________________

Agency Name: ____________________________________________

Agent’s Phone Number: ____________________________________

Counselor’s Phone Number: __________________________________

For Sale by Owner?

Yes

No

 

 

 

 

Counselor’s E-mail: ________________________________________

 

 

 

 

 

 

Who pays the real estate tax bill on your property?

 

 

Who pays the hazard insurance premium for your property?

 

 

I do

Lender does

Paid by condo or HOA

 

 

I do

Lender does

 

Paid by Condo or HOA

 

 

Are the taxes current?

Yes

No

 

 

 

 

Is the policy current?

Yes

No

 

 

Condominium or HOA Fees

Yes

No $ __________________

Name of Insurance Co.: ______________________________________

Paid to: _________________________________________________

Insurance Co. Tel #: _________________________________________

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Yes

No

If yes:

Chapter 7

Chapter 13

Filing Date:_________________________

 

 

Has your bankruptcy been discharged?

Yes

 

No

Bankruptcy case number _________________________________

 

 

Additional Liens/Mortgages or Judgments on this property:

Lien Holder’s Name/Servicer

Balance

Contact Number

Loan Number

HARDSHIP AFFIDAVIT

My household income has been reduced. For example: unemployment,

My monthly debt payments are excessive and I am overextended with

 

underemployment, reduced pay or hours, decline in business earnings,

my creditors. Debt includes credit cards, home equity or other debt.

 

death, disability or divorce of a borrower or co-borrower.

 

 

 

 

 

My expenses have increased. For example: monthly mortgage payment

My cash reserves, including all liquid assets, are insufficient to maintain

 

reset, high medical or health care costs, uninsured losses, increased

my current mortgage payment and cover basic living expenses at the

 

utilities or property taxes.

same time.

 

 

 

 

Other:

Explanation (continue on back of page 3 if necessary): __________________________________________________________________________

______________________________________________________________________________________________________________________

SSIP 04/10A (Chase)

Short Sale Information Packet Page 4 of 9

REQUEST FOR CONSIDERATION OF SHORT SALE FORM page 2

 

COMPLETE ALL FOUR PAGES OF THIS FORM

 

 

 

 

INCOME/EXPENSES FOR HOUSEHOLD

1

 

Number of People in Household:

 

 

 

 

 

 

Monthly Household Income

Monthly Gross Wages

$

 

 

Overtime

$

 

 

Child Support / Alimony /

$

Separation2

 

Social Security/SSDI

$

 

 

Other monthly income from

$

pensions, annuities or

 

retirement plans

 

 

 

Tips, commissions, bonus

$

and self-employed income

 

 

 

Rents Received

$

 

 

 

Unemployment Income

$

 

 

 

Food Stamps/Welfare

$

 

 

Other (investment income,

$

 

royalties, interest, dividends

 

etc.)

 

 

 

Total (Gross Income)

$

 

 

Monthly Household Expenses/Debt

First Mortgage Payment

$

 

 

Second Mortgage Payment

$

 

 

Insurance

$

 

 

Property Taxes

$

 

 

Credit Cards / Installment

$

Loan(s) (total minimum

 

payment per month)

 

 

 

Alimony, child support

$

payments

 

 

 

Net Rental Expenses

$

 

 

 

HOA/Condo Fees/Property

$

Maintenance

 

 

 

Car Payments

$

 

 

Other ________________

$

_____________________

 

 

 

Total Debt/Expenses

$

 

 

Household Assets

Checking Account(s)

$

 

 

Checking Account(s)

$

 

 

Savings/ Money Market

$

 

 

CDs

$

 

 

Stocks / Bonds

$

 

 

Other Cash on Hand

$

 

 

Other Real Estate

$

(estimated value)

 

 

 

Other _____________

$

 

 

 

Other _____________

$

 

 

Do not include the value of life insurance or retirement plans when calculating assets (401k, pension funds, annuities, IRAs, Keogh plans, etc.)

Total Assets

$

 

 

INCOME MUST BE DOCUMENTED

1Include combined income and expenses from the borrower and co-borrower (if any). If you include income and expenses from a household member who is not a borrower, please specify using the back of this form if necessary.

2You are not required to disclose Child Support, Alimony or Separation Maintenance income, unless you choose to have it considered by your servicer.

INFORMATION FOR GOVERNMENT MONITORING PURPOSES

The following information is requested by the federal government in order to monitor compliance with federal statutes that prohibit discrimination in housing. You are not required to furnish this information, but are encouraged to do so. The law provides that a lender or servicer may not discriminate either on the basis of this information, or on whether you choose to furnish it. If you furnish the information, please provide both ethnicity and race. For race, you may check more than one designation. If you do not furnish ethnicity, race, or sex, the lender or servicer is required to note the information on the basis of visual observation or surname if you have made this request for a loan modification in person. If you do not wish to furnish the information, please check the box below.

BORROWER

I do not wish to furnish this information

 

CO-BORROWER

I do not wish to furnish this information

 

 

 

 

 

 

Ethnicity:

Hispanic or Latino

 

Ethnicity:

Hispanic or Latino

 

Not Hispanic or Latino

 

 

Not Hispanic or Latino

 

 

 

 

 

Race:

American Indian or Alaska Native

 

Race:

American Indian or Alaska Native

 

Asian

 

 

Asian

 

Black or African American

 

 

Black or African American

 

Native Hawaiian or Other Pacific Islander

 

 

Native Hawaiian or Other Pacific Islander

 

White

 

 

White

 

 

 

 

 

Sex:

Female

 

Sex:

Female

 

Male

 

 

Male

 

 

 

 

 

SSIP 04/10A (Chase)

Short Sale Information Packet Page 5 of 9

REQUEST FOR CONSIDERATION OF SHORT SALE FORM page 3

COMPLETE ALL FOUR PAGES OF THIS FORM

ACKNOWLEDGEMENT AND AGREEMENT

In making this request for consideration under the Making Home Affordable Program I certify under penalty of perjury:

1.That all of the information in this document is truthful and the event(s) identified on page 1 is/are the reason that I need to request a modification of the terms of my mortgage loan, short sale or deed-in-lieu of foreclosure.

2.I understand that the Servicer, the U.S. Department of Treasury, or their agents may investigate the accuracy of my statements and may require me to provide supporting documentation. I also understand that knowingly submitting false information may violate Federal law.

3.I understand the Servicer will pull a current credit report on all borrowers obligated on the Note.

4.I understand that if I have intentionally defaulted on my existing mortgage, engaged in fraud or misrepresented any facts(s) in connection with this document, the Servicer may cancel any Agreement under Making Home Affordable and may pursue foreclosure on my home.

5.I am willing to provide all requested documents and to respond to all Servicer questions in a timely manner and to otherwise comply with all requirements of the Making Home Affordable Program that may be in effect from time to time.

6.I understand that the Servicer will use the information in this document to evaluate my eligibility for a loan modification or short sale or deed-in-lieu of foreclosure, but the Servicer is not obligated to offer me assistance based solely on the statements in this document.

7.I am willing to commit to credit counseling if it is determined that my financial hardship is related to excessive debt.

8.If I was discharged in a Chapter 7 bankruptcy proceeding subsequent to the execution of the Loan Documents, or am currently entitled to the protections of any automatic stay in bankruptcy, I acknowledge that Servicer is providing the information about the Making Home Affordable program at my request and for informational purposes, and not as an attempt to impose personal liability for the debt evidenced by the Note.

9.I acknowledge that while my request is being evaluated, the Servicer may suspend any scheduled foreclosure sale, but may continue to send legal notices related to foreclosure. Any pending foreclosure action will not be dismissed and may be immediately resumed from the point at which it was suspended if I fail to comply with the terms and conditions of the Making Home Affordable program, including any trial period plan, and no new notice of default, notice of intent to accelerate, notice of acceleration, or similar notice will be necessary to continue the foreclosure action. All rights to such notices are hereby waived by me to the extent permitted by applicable law. I further acknowledge that when the Servicer accepts and posts a payment during the time I am being evaluated, including during any trial period, it will be without prejudice to, and will not be deemed a waiver of, the acceleration of the loan or any foreclosure action and related activities and shall not constitute a cure of any default under the loan documents evidencing and securing the loan unless such payments are sufficient to completely cure my entire default under the loan documents. If I am in foreclosure, I agree that all trial payments will be made in certified funds.

10.I further acknowledge and agree that if I am offered a trial period plan by the Servicer, making the first payment due under such trial period plan shall be deemed an acceptance of the terms and conditions of the plan.

11.I understand that the Servicer will collect and record personal information, including, but not limited to, my name, address, telephone number, social security number, credit score, income, payment history, government monitoring information, and information about account balances and activity. I understand and consent to the disclosure of my personal information and the terms of Making Home Affordable Agreement by Servicer to (a) the U.S. Department of the Treasury;

(b) Fannie Mae and Freddie Mac in connection with their responsibilities under the Homeowner Affordability and Stability Plan; (c) any investor, insurer, guarantor or servicer that owns, insures, guarantees or services my first lien or subordinate lien (if applicable) mortgage loan(s); (d) companies that perform support services in conjunction with Making Home Affordable; and (e) any HUD certified housing counselor.

12.I will execute such other and further documents as may be reasonably necessary to either (i) consummate the terms and

conditions of this Plan or any final modification, short sale or deed-in-lieu of foreclosurethat I am offered; or (ii) correct the terms and conditions of this Plan or any final modification that I am offered if an error is discovered or the Servicer deems it reasonably necessary to comply with the terms of the Making Home Affordable Program or other program for which I may qualify.

SSIP 04/10A (Chase)

Short Sale Information Packet Page 6 of 9

REQUEST FOR CONSIDERATION OF SHORT SALE FORM page 4

COMPLETE ALL FOUR PAGES OF THIS FORM

Date:

BORROWER SIGNATURE

Date:

CO-BORROWER SIGNATURE

SSIP 04/10A (Chase)

Short Sale Information Packet Page 7 of 9

Form 4506T-EZ

(Rev. January 2010)

Department of the Treasury Internal Revenue Service

Short Form Request for Individual Tax Return Transcript

Request may not be processed if the form is incomplete or illegible.

OMB No. 1545-2154

Tip. Use Form 4506T-EZ to order a 1040 series tax return transcript free of charge.

1a Name shown on tax return. If a joint return, enter the name shown first.

1b First social security number on tax return

2a If a joint return, enter spouse’s name shown on tax return.

2b Second social security number if joint tax return

3Current name, address (including apt., room, or suite no.), city, state, and ZIP code

4Previous address shown on the last return filed if different from line 3

5If the transcript is to be mailed to a third party (such as a mortgage company), enter the third party’s name, address, and telephone number. The IRS has no control over what the third party does with the tax information.

Third party name

Chase Fulfillment Center

Telephone number

Chase mortages: 800-446-8939 ForWaMu mortgages: 800-848-9380

Address (including apt., room, or suite no.), city, state, and ZIP code

Regular Mail: PO Box 469030, Glendale, CO 80246

Overnight Mail: 4500 Cherry Creek Drive South, Suite 100, Glendale, CO 80246

6Year(s) requested. Enter the year(s) of the return transcript you are requesting (for example, “2008”). Most requests will be processed within 10 business days.

2008

Caution. If the transcript is being mailed to a third party, ensure that you have filled in line 6 before signing. Sign and date the form once you have filled in line 6. Completing these steps helps to protect your privacy.

Note. If the IRS is unable to locate a return that matches the taxpayer identity information provided above, or if IRS records indicate that the return has not been filed, the IRS may notify you or the third party that it was unable to locate a return, or that a return was not filed, whichever is applicable.

Signature of taxpayer(s). I declare that I am the taxpayer whose name is shown on either line 1a or 2a. If the request applies to a joint return, either husband or wife must sign. Note. For transcripts being sent to a third party, this form must be received within 120 days of signature date.

Sign Here

Telephone number of taxpayer on line 1a or 2a

Signature (see instructions)

Date

Spouse’s signature

Date

 

For Privacy Act and Paperwork Reduction Act Notice, see page 2.

Cat. No. 54185S

Form 4506T-EZ (Rev. 01-2010)

SSIP 04/10A (Chase)

Short Sale Information Packet Page 8 of 9

Form 4506T-EZ (Rev. 01-2010)

Page 2

Purpose of form. Individuals can use Form 4506T-EZ to request a tax return transcript that includes most lines of the original tax return. The tax return transcript will not show payments, penalty assessments, or adjustments made to the originally filed return. You can also designate a third party (such as a mortgage company) to receive a transcript on line 5. Form 4506T-EZ cannot be used by taxpayers who file Form 1040 based on a fiscal tax year (that is, a tax year beginning in one calendar year and ending in the following year). Taxpayers using a fiscal tax year must file Form

4506-T, Request for Transcript of Tax Return, to request a return transcript.

Use Form 4506-T to request the following.

ss! TRANSCRIPT OFSACBUSINESS RETURN (including estate and trust returns).

ss!N ACCOUNT TRANSCRIPTTCONTAINSN information on the financial status of the account, such as payments made on the account, penalty assessments, and adjustments made by you or the IRS after the return was filed).

ss! RECORD OFCACCOUNT WHICH ISCAC combination of line item information and later adjustments to the account.

ss! VERIFICATION OFINONFILING WHICH IS PROOFN from the IRS that you did not file a return for the year.

ss! &ORM 7 R&ORM SERIESO&ORM SERIES ORR&ORM SERIES TRANSCRIPT

Form 4506-T can also be used for requesting tax return transcripts.

Automated transcript request. You can CALL TO ORDER A TAX RETURNT transcript through the automated self-help system. You cannot have a transcript sent to a third party through the automated system.

Where to file. Mail or fax Form 4506T-EZ to the address below for the state you lived in when that return was filed.

If you are requesting more than one transcript or other product and the chart

BELOWLSHOWS TWOHDIFFERENTT2!)63 TEAMS send your request to the team based on the address of your most recent return.

If you filed an

Mail or fax to the

individual return

“Internal Revenue

and lived in:

Service” at:

 

 

Florida, Georgia,

2!)63)4EAM

North Carolina,

P.O. Box 47-421

South Carolina

3TOP P

 

$ORAVILLE '!L

 

 

 

!LABAMA +ENTUCKY

 

Louisiana,

2!)63)4EAM

Mississippi,

3TOP !53#

Tennessee, Texas, a

!USTINT48

foreign country, or

512-460-2272

!0/ OR/&0/

 

address

 

!LASKAS!RIZONA

 

California, Colorado,

 

Hawaii, Idaho, Illinois,

 

Indiana, Iowa,

 

+ANSASS -ICHIGAN -

2!)63)4EAM

Minnesota, Montana,

3TOP

.EBRASKAA.EVADA

&RESNOS#! #

New Mexico, North

$AKOTAO/KLAHOMA/

 

Oregon, South

 

$AKOTAO5TAH

 

7ASHINGTONN

 

7ISCONSIN 7YOMING

 

 

 

!RKANSASN

 

Connecticut,

 

Delaware, District of

 

Columbia, Maine,

 

Maryland,

2!)63)4EAM

Massachusetts,

Stop 6705 P-6

Missouri, New

+ANSAS #ITY -/#

Hampshire, New

*ERSEYS.EWY9ORK.

Ohio, Pennsylvania,

 

Rhode Island,

 

6ERMONT 6IRGINIA 6

 

7EST 6IRGINIAI

 

 

 

Signature and date. Form 4506T-EZ must be signed and dated by the taxpayer listed on line 1a or 2a. If you completed line 5 requesting the information be sent to a third party, the IRS must receive Form 4506T-EZ within 120 days of the date signed by the taxpayer or it will be rejected.

Transcripts of jointly filed tax returns may be furnished to either spouse. Only one signature is required. Sign Form 4506T-EZ exactly as your name appeared on the original return. If you changed your name, also sign your current name.

Privacy Act and Paperwork Reduction Act Notice. 7E ASK FOR THE INFORMATION ON this form to establish your right to gain access to the requested tax information under the Internal 2EVENUEE#ODEE7E need this information to properly identify the tax information and respond to your REQUEST 3ECTIONS AND NREQUIRE you to provide this information, including your SSN. If you do not provide this information, we may not be able to process your request. Providing false or fraudulent information may subject you to penalties.

Routine uses of this information include giving it to the Department of Justice for civil and criminal litigation, and cities, states, and the District of Columbia for use

IN ADMINISTERING THEIR TAX LAWS 7ETMAYE also disclose this information to other countries under a tax treaty, to federal and state agencies to enforce federal nontax criminal laws, or to federal law enforcement and intelligence agencies to combat terrorism.

You are not required to provide the information requested on a form that is

SUBJECTJTO THE 0APERWORK 2EDUCTION !CT R unless the form displays a valid OMB CONTROLTNUMBER "OOKSMOR RECORDS RELATINGS to a form or its instructions must be retained as long as their contents may become material in the administration of any Internal Revenue law. Generally, tax returns and return information are

CONFIDENTIALEAS REQUIREDBY SECTION

The time needed to complete and file Form 4506T-EZ will vary depending on individual circumstances. The estimated average time is: Learning about the law or the form, MIN Preparing the form, MIN AND Copying, assembling, and sending the form to the IRS, 20 min.

If you have comments concerning the accuracy of these time estimates or SUGGESTIONSSFORIMAKING &ORMO4 %: simpler, we would be happy to hear from you. You can write to the Internal Revenue Service, Tax Products Coordinating #OMMITTEE 3%7#!2-04430 ! #ONSTITUTION !VET.7O)2

7ASHINGTONN$# $O NOT SENDTHE form to this address. Instead, see Where to file on this page.

SSIP 04/10A (Chase)

Short Sale Information Packet Page 9 of 9
⇩ PDF

Document Specifications

Fact Name Fact Description
Purpose of the Packet This Short Sale Information Packet is required for borrowers to submit a request for a short sale to Chase. It must be filled out completely and signed.
Required Documentation Borrowers must submit documentation, including recent pay stubs, tax returns, and proof of hardship. A detailed checklist is provided to guide submissions.
Authorization Form The packet includes an Authorization to Provide and Release Information, which allows Chase to share mortgage information with designated third parties.
Submission Methods Completed packets and required documentation can be submitted via mail, overnight delivery, or fax to Chase’s Fulfillment Center.
Governing Law The short sale process is subject to state-specific laws, including the Uniform Commercial Code (UCC) and applicable real estate laws in the borrower's state.

Steps to Filling Out Chase Short Sale Packet

Filling out the Chase Short Sale Packet is a critical step in submitting your short sale request. This process may seem daunting, but breaking it down into manageable steps can make it easier. As you gather your information and fill out the necessary forms, ensure you have all required documentation at hand. Once completed, you will send everything to Chase to start the evaluation process.

  1. Begin with the Required Documentation Checklist. Gather all necessary documents based on whether you are a wage earner or self-employed. This includes recent pay stubs, bank statements, and tax returns.
  2. Complete the Authorization to Provide and Release Information form. This grants Chase permission to share details about your mortgage with your real estate agent.
  3. Fill out the Request for Consideration of Short Sale form thoroughly. Include personal information, the property address, and details about your financial situation.
  4. Include the completed 4506T-EZ Request for Transcript of Tax Return Form. Make sure to sign and date this form, as it allows Chase to verify your income.
  5. Have your real estate agent prepare the necessary documents, including the listing agreement, a detailed listing history, and comparable properties.
  6. Double-check your completed forms and documentation to ensure everything is accurate and signed where required.
  7. Make copies of all documents for your records.
  8. Send the completed packet and all supporting documents to Chase. You can do this via regular mail, overnight mail, or fax. Choose the method that works best for you.

After submitting your packet, Chase will evaluate your short sale request. They may reach out for additional information or clarification if needed. Stay in touch with your real estate agent and be responsive to any requests to aid in a smooth process.

More About Chase Short Sale Packet

What is the Chase Short Sale Packet form?

The Chase Short Sale Packet form is a comprehensive document that you must complete to initiate a short sale request through Chase. It requires information about your financial situation, hardships, and details related to the property. Additionally, it includes several forms such as a required documentation checklist and signatures to grant Chase permission to communicate with your real estate agent.

What documents do I need to submit with the form?

You will need to provide various documents depending on your employment status. If you are a wage earner, you must submit your most recent pay stubs, a complete bank statement, and a signed tax return. If you are self-employed, be prepared to submit profit and loss statements, tax returns, and various bank statements. A checklist of required documents is included in the packet.

How do I send the completed Short Sale Packet to Chase?

You can send your completed packet and supporting documents either by regular mail or overnight mail to the Chase Fulfillment Center. The addresses for both options are provided in the packet. You may also opt to fax the documents to the designated number if you prefer a quicker method.

What if I need help completing the form?

If you require assistance while completing the form, you can contact Chase’s customer service. For questions about Chase mortgages, call 800-446-8939. If you have a WaMu mortgage, dial 800-848-9380. They can walk you through the process and clarify any specific requirements.

What happens after I submit the Short Sale Packet?

Once you submit the packet and documentation, Chase will review your request. They will assess your financial situation, and you may receive a response or additional requests for information as they evaluate your short sale application. It is important to keep copies of everything you send for your records.

Are there any risks associated with applying for a short sale?

Yes, applying for a short sale can have implications for your credit report, as late or missed payments may be reported to credit bureaus. Additionally, if you have declared bankruptcy or are in bankruptcy proceedings, it is crucial to understand your rights and the status of your debt obligations.

Can my real estate agent help with the process?

Yes, your real estate agent can assist you in completing the form and gathering the necessary documentation. You will need to provide them with authorization to discuss your mortgage account with Chase, which is included in the packet. Ensure your agent understands the process and requirements for a smooth transaction.

What if I have multiple mortgages on the property?

If your property has multiple mortgages or liens, you must provide information about all of them on the form. This includes details about each lender and the amounts owed. Accurate documentation will help Chase in evaluating your request for a short sale.

Common mistakes

  1. Neglecting Required Signatures: Many individuals forget to sign the necessary forms. Every section requiring a signature must be completed according to the instructions provided. Omitting signatures can cause delays in processing the short sale request.

  2. Inadequate Documentation: Often, people fail to supply all required documentation listed in the checklist. Each document requested, from bank statements to tax returns, must be included to ensure Chase can properly evaluate the short sale.

  3. Incorrect or Incomplete Contact Information: Providing wrong phone numbers or incomplete addresses can hinder communication. Ensure that all contact information is accurate and up to date, including email addresses.

  4. Failure to Properly Complete Forms: Not filling out the forms completely or accurately can lead to rejection of the packet. Review each section thoroughly before submission to verify that all information is provided correctly.

  5. Missing Proof of Hardship: Some individuals forget to include a hardship affidavit, which explains why they are unable to keep up with mortgage payments. This information is essential for the evaluation process.

  6. Ignoring Submission Guidelines: Ignoring the specified mailing addresses or fax numbers for submission can lead to lost documents. Following the instructions carefully ensures that the packet reaches the correct department at Chase.

  7. Not Keeping Copies: Failing to retain copies of all submitted materials is a common mistake. Keeping duplicates is essential for personal records and can assist in addressing any follow-up questions or issues.

Documents used along the form

The Chase Short Sale Packet is an essential starting point for homeowners seeking to sell their property for less than what they owe on the mortgage. However, when submitting this packet, other documents may be required or beneficial to strengthen the request. Below is a list of additional forms and documents typically used alongside the Chase Short Sale Packet.

  • Required Documentation Checklist – A comprehensive list that outlines all necessary documents that need to be submitted by both the borrower and co-borrower, as well as their real estate agent.
  • Authorization to Provide and Release Information – This form allows Chase to share information regarding your mortgage with designated third parties, such as real estate agents or attorneys, to facilitate the short sale process.
  • Request for Consideration of Short Sale – This document collects vital information about the property, borrower, and the financial hardship that led to the decision to pursue a short sale.
  • 4506T-EZ Request for Transcript of Tax Return Form – By completing this form, you give Chase permission to obtain a transcript of your tax returns, which assists in verifying income details.
  • Listing Agreement – A contract between the homeowner and a real estate agent that confirms the terms of sale, which is crucial for processing the short sale.
  • Sales/Purchase Contract – This is the agreement between the buyer and seller that outlines the terms of the sale, including price and contingencies. It’s essential to show that a buyer is already secured.
  • Comparable Market Analysis (CMA) – A report that provides data on comparable properties that have recently sold, which helps support the listing price of the home being sold as a short sale.
  • HUD-1 Settlement Statement – An estimate of the closing costs and final numbers upon sale, providing a full breakdown of expenses and proceeds expected at the closing.

When navigating the complexities of a short sale, having these documents ready can help streamline the review process and improve your chances of success. Always remember to keep copies of everything you send, as it can be invaluable for your records and future inquiries.

Similar forms

The Loan Modification Application is a document similar to the Chase Short Sale Packet. It serves as a comprehensive application where homeowners seek a modification of their loan terms to make their mortgage payments more affordable. Like the short sale packet, it requires detailed personal financial information and documentation, including income statements and hardship explanations. Both forms aim to assist borrowers in navigating their financial difficulties, offering a path to avoid foreclosure.

The Foreclosure Prevention Packet resembles the Chase Short Sale Packet as both are designed to address financial hardships and provide solutions to homeowners facing trouble with their mortgage payments. This packet includes instructions on options like loan modification, repayment plans, and short sales. Specific documentation, such as income verification and hardship letters, is also required, making it parallel in its comprehensive approach to borrower assistance.

The Hardship Letter is another document that shares similarities with the Chase Short Sale Packet. This letter presents the borrower's explanation of their financial difficulties in a sincere and detailed manner. The short sale packet ultimately requires a hardship statement, highlighting the importance of this document. Both emphasize the importance of transparency and documentation, enabling lenders to understand the reasons behind a borrower’s financial struggle.

The Request for Loan Payoff Statement is akin to the Chase Short Sale Packet in that both require the borrower to formally request information necessary for transaction completion. A payoff statement outlines the total amount owed on a mortgage, which is essential for negotiating terms during a short sale. Both documents interact with the lenders and require explicit authorization from the borrower to obtain critical information.

The Short Sale Agreement is another document that correlates with the Chase Short Sale Packet. This agreement formalizes the terms under which a property will be sold in a short sale. Just as the short sale packet collects essential details about the borrower's financial situation, the agreement details the arrangements for the sale, ensuring all parties understand the conditions involved in proceeding with the short sale.

A Deed in Lieu of Foreclosure agreement shares similarities with the Chase Short Sale Packet by providing a solution to borrowers facing foreclosure. In this arrangement, a borrower voluntarily transfers ownership of their property to the lender to avoid a lengthy foreclosure process. Both require documentation that outlines the borrower’s financial state and the reasons for their inability to keep up with mortgage payments.

The Bankruptcy Petition demonstrates a connection to the Chase Short Sale Packet by providing an alternative route for borrowers struggling with debts. This document formally starts the bankruptcy process, requiring disclosure of financial information. Like the short sale packet, it highlights the borrower's financial distress and aims to find a solution, whether through debt restructuring or asset liquidation.

The Credit Counseling Request for Assistance form is similar as it involves seeking help from a professional to address debt issues. Borrowers fill out this request to get guidance on various options, including short sales and loan modifications. Documentation of their financial situation is often required, reflecting the same need for clarity and support present in the Chase Short Sale Packet.

The IRS Form 4506-T, used to request tax return transcripts, mirrors the Chase Short Sale Packet requirement for verifying income. This form facilitates access to a borrower’s tax records, thus supporting the need for financial verification in both processes. Accurate documentation is crucial in establishing a borrower's financial health, making both forms instrumental in navigating financial hardship scenarios.

Finally, a Real Estate Listing Agreement has similarities to the Chase Short Sale Packet, as it formalizes the relationship between a homeowner and their real estate agent during the short sale process. This document outlines the terms of the agent's service, including commission rates and responsibilities. Much like the short sale packet, it requires detailed information about the property and seller, ensuring clear communication as they navigate the complexities of selling a home in distress.

Dos and Don'ts

When filling out the Chase Short Sale Packet form, it’s important to adhere to best practices to ensure your submission is complete and effective. Here are four key dos and don'ts:

  • Do: Carefully read all instructions in the packet. Understanding the requirements is crucial for a successful submission.
  • Do: Make copies of all documents before sending them. Keeping a record of what you submit can help you track your progress.
  • Do: Sign all required forms in the designated areas. Missing signatures can delay the processing of your request.
  • Do: Provide accurate and up-to-date financial information. This ensures that Chase has a clear picture of your situation.
  • Don't: Forget to include all necessary documentation. Incomplete submissions may lead to rejection.
  • Don't: Ignore deadlines for submitting the packet. Timeliness is key in real estate transactions.
  • Don't: Assume verbal communication is enough. Always provide written documentation to support your claims.
  • Don't: Send the packet without reviewing it thoroughly for errors. Accuracy is vital to avoid misunderstandings.

Misconceptions

When navigating the Chase Short Sale Packet, several misconceptions might arise. Understanding the truth behind these common misunderstandings can help borrowers feel more confident in their short sale journey.

  1. Submitting the Packet Guarantees Approval - Many believe that simply completing and submitting the short sale packet assures that their request will be approved. In reality, the packet is just the beginning of the evaluation process. Chase will assess all submitted documentation before making a decision.
  2. All Documentation is Optional - Some think that providing all requested documentation isn’t necessary. However, Chase requires specific documents to process the short sale. Omitting items could lead to delays or denial of the request.
  3. Only the Borrower Needs to be Involved - A common assumption is that only the borrower needs to complete the packet. Co-borrowers play a crucial role too. Their information and signatures are often required for a comprehensive evaluation.
  4. It’s Fine to Incomplete Forms - Some believe that sending in incomplete forms isn’t a problem. Yet, incomplete submissions can stall the process. Always ensure that every section is fully completed before sending the packet.
  5. Communication is One-Way - A misconception exists that once the packet is sent, there is no need for follow-up. However, maintaining open communication is key. It’s important to reach out to Chase to ensure that all documents are received and inquire about the status of your request.
  6. Short Sale is Just About Selling Your Home - Many focus solely on the sale aspect, overlooking the financial implications. The short sale process involves significant financial considerations, and it may affect your credit report. Being fully informed can help you make better decisions.
  7. The Packet is Only for Foreclosure Cases - Some people mistakenly think the short sale packet is only necessary for homes facing foreclosure. In truth, any homeowner struggling with mortgage payments can benefit from this process, regardless of their current situation.

Understanding these misconceptions can help streamline your short sale experience with Chase. Stay informed, be thorough, and continue open communication with your lender.

Key takeaways

When dealing with the Chase Short Sale Packet, understanding the procedure and requirements is crucial for a successful submission. Here are some key takeaways to guide you through the process:

  • Complete All Forms: Every section of the packet must be filled out, including the Request for Consideration of Short Sale Form, which requires personal and financial information.
  • Documentation is Essential: Gather all required documentation, such as your most recent tax returns, bank statements, and pay stubs. This documentation supports your request and is critical for evaluation.
  • Sign Where Needed: Make sure to sign all necessary forms, including the Authorization to Provide and Release Information, which allows others (like your real estate agent) to assist you in the process.
  • Keep Copies: After sending the completed packet, maintain copies of all documents and correspondence for your records. This safeguard can prove beneficial in case of disputes or follow-ups.
  • Understand the Risks: Be aware that the process of requesting a short sale may affect your credit report. Late payments or defaults may be reported, which can impact your financial future.
  • Contact for Assistance: If you encounter difficulties or need clarification while completing the packet, don't hesitate to contact Chase at the provided numbers for support on your mortgage type.

Following these takeaways can significantly enhance your ability to navigate the complexities of the Chase Short Sale Packet form effectively.