Chase Incentives Plus Hafa!!!

I know this has been discussed before, but kinda tired and not finding the discussions I remember!

Have seller with 20k Chase incentive, got the listing and processed the paperwork. Now also have HAFA approval (with price) Like 7 days later (wow) oh yeh and I have a negotiator (seams to good to be true!

Have call into negotiator, But... would like your input!!!!

I would like to get 20k, plus 3k for the seller.(or forgo the 3k for the other incentives) So need to know if seller can "double dip?" Also have 25k second w/ SLS! (now keep in mind HAFA approval has already allowed up to the 8K max!

Any one out there structured anything like this yet? Any feedback when a second is involved? (especially when they see the incentive to seller)

Options,

-Seller sends in to partipate In the HAFA approval (and recieves the Chase insentive on top, second needs to agree to HAFA Guidelines

-Forgo HAFA and go for 20K incentive, be at mercy of the second.

I know someone out there has been in a similar situation!

FEED BACK Please!

Beverly,

It is so hard to know what the 2nd is going to approve. The borrower can get both HAFA and relocation incentive monies from the 1st lien holder. I have a client now who is receiving $2500 from a Coop Short Sale with BOA via DTS and over $11,000 as relocation incentive. It might be better, since the borrowers can receive both, to proceed with both and then if the 2nd wants more money some of the incentive monies could go to satisfy them.

IN another situation with BOA and DTS borrower was getting $2500 for Coop SS but the 2nd needed to receive more money to be satisfied. BOA allowed the borrower to give up her monies to close with both lien holders and avoid foreclosure.

Melody Najera - California

Replies

Jonathan Katz September 17, 2012 at 7:28pm

We see Chase giving out their " Chase Incentives " and HAFA incentives regularly. They will stack !
- Beverly Cibulsky > Jonathan Katz September 19, 2012 at 3:12pm
  
  Thank you all for your valuable input.Chase did confirm Borrower can have both, but as we all know, Real deals tell all! Now just need to deal with SLS who is the second, any tips appreciated!
Melody Najera September 17, 2012 at 11:19am

Beverly,

It is so hard to know what the 2nd is going to approve. The borrower can get both HAFA and relocation incentive monies from the 1st lien holder. I have a client now who is receiving $2500 from a Coop Short Sale with BOA via DTS and over $11,000 as relocation incentive. It might be better, since the borrowers can receive both, to proceed with both and then if the 2nd wants more money some of the incentive monies could go to satisfy them.

IN another situation with BOA and DTS borrower was getting $2500 for Coop SS but the 2nd needed to receive more money to be satisfied. BOA allowed the borrower to give up her monies to close with both lien holders and avoid foreclosure.

Melody Najera - California
Wendy Smith September 16, 2012 at 6:26am

Yep, Chase is very good about paying HAFA and incentives. I just received a BOA approval that will pay an incentive and HAFA but in order to receive the incentive the borrower must be willing to close very quick ... Less than two weeks...good thing the buyer is cash.
TOP END Properties September 12, 2012 at 5:49pm

Slightly off topic of Chase, but still related.. I just read in the BOA Incentive email that their HAFA incentive is included in any 'bonus' incentive. i.e. If you are eligible for $20k from BOA .. that will include the HAFA incentive.
Bryant Tutas September 12, 2012 at 5:32pm

They pay both. The $3,000 HAFA money must go to the borrower and will be a separate line item on the HUD. The $20,000 will be another line item. The borrower CAN use the $20,000 to pay other costs, repairs, liens etc if needed.

The 2nd may make a stink but just keep pushing them. The incentive monies must be on the HUD so the JR liens will have to agree to the seller receiving funds at closing.

I just closed on a deal a week or so ago with the exact same scenario you just outlined. However there was no JRr lien. The seller used $6,000 of the $20,000 Chase incentive to pay the HOA. This was on the HUD and fully approved by Chase.

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