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, it's true. I was told by Wells Fargo on 1/16 to change HAFA on one of my hud's to $10,000 because it will close after 2/1/15.
Does the borrower need to be late on her payments to qualify. She's using savings to make her payments. She lost her husband in Dec and she doesn't have any equity in the home.
Under these new HAFA guidelines, does anyone know if the seller qualifies for the HAFA incentive if they vacated the property less than a year ago?
Chase is also implementing these new guidelines; $12,000 max to 2nd lien holder and $10,000 incentive to homeowner. Just received this news from them today. Thank you!
I'm sure you have your answer by now. But just in case not, I just had my first closing, with these new rules, on Friday and the seller received the full $10,000.
Thank you everyone for you comments....Yes, it does indeed exist. However, only for Fannie Mae since Freddie no longer does HAFA. Something I didn't know because I was out of the short sale realm for a couple of years. Thanks again.
Who is doing the $10,000 moving incentive then??