I have a few soldiers being relocated for the military. Has anyone experienced this program? Or are there other government programs to assist in the handling of upside homes? How does the process work? Do we submit a normal short sale package to the bank and let them know we're looking for this program approval, like HAFA? I read somewhere the they won't pay for Realtor's commissions? Any information or experience is greatly appreciated! Thank you!
Tags:
Jennifer,
Based on my recent experiences with the HAP program (3 in the last 6 months) - I would highly recommend that you not use HAP in conjunction with a short sale. The HAP program is more likely to assist the transferee through their "foreclosure benefit". Our process looks like this at this point. List the property, obtain an offer, submit it for short sale, and if necessary offer a promissory note to close the transaction knowing that HAP will pick up the tab on the prom note.
When I was originally handed these files I thought it was a gift and that the banks would rush the file through because they are getting more than market value for the homes because of the HAP participation. The exact opposite is true, the banks don't have a process to handle more than market value and so the files take even longer because they have to be escalated through the chain of command so many times.
Secondly, HAP is difficult in a short sale because the banks have their delegations and HAP has their delegations and getting the two to line up often means that someone has to defy the operations manual to accomodate the transaction. It isn't impossible to accomplish but is considerably more work and hassle and it will add additional time to the transaction than if you had simply submited the file as a short sale.
Good Luck!!
Cameron Piper
Coldwell Banker Burnet
licensed MN Broker
Jennifer Klein said:
My client has not been wounded or ill, per the website it states that those need to be circumstances. He's being relocated with his new orders to Delaware. Are there military programs that will help with short sale? He's not being sent to war either, he's just being relocated for his new orders. Any thoughts would be greatly appreciated.
© 2024 Created by Short Sale Superstars LLC. Powered by
Short Sale Superstars, LLC and www.ShortSaleSuperstars.com does not endorse the real estate agents, loan officers, attorneys, real estate brokers and other participants listed on this site. These real estate profiles, blogs, blog entries and forums are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a short sale. Short Sale Superstars, LLC takes no responsibility for the content on these pages that are written by the members of this community.