Admittedly, I haven't done a short sale in about a year now. It used to be 40% of my business, but I now have 2 coming up in the same week. I heard there are changes taking effect Feb 1, 2015 regarding the relocation incentive. Supposedly, this will go from $3000 to $10,000. Can anyone confirm this because I don't see anything about this on the HAFA website?? I need to know the eligibility requirements and rules.
Yes, banks are now implementing this. We had a few negotiators request that we change the HAFA incentive to $10,000 on the Est. HUD for review since the files are being submitted for approval and will be closing post Feb 1st 2015. 2nd Liens will also be awarded $12,000 max instead of $8,500.
Let me know if you need anything at all and best regards,
what servicer has implement this?
Wells Fargo has already requested us to boost the HAFA incentive on two of our files because we will not be closing prior to 2.1.2015
@kevin I was mistaken, it was actually SPS. I love SPS.
I had SPS change, as well...
Thank you....is there a news release that you can reference so I can show it to my sellers??
It's in the HAFA Handbook, what's your email?
Of course this comes off the MNAP by the investor so how is anyone seeing a buyer's offer come in high enough to justify the extra $10k towards the sellers? Anyone? Would love to know.
Seller may need to contribute incentive towards the 1st Lien's NET if necessary to boost NET above the minimum NET per guidelines.