$20- $30,000 When Short Sale Guidelines
Replies to This Discussion
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Permalink Reply by Julissa Jumper on
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I've been wondering the same thing. I just figured it depends on the worst hit parts of the country. But that was just me assuming and you know what happens when we assume. I'd be interested to see what others say.
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Permalink Reply by Wayne Brooks on
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My feeling is it seems to be on those WAMU/Countrywide loans that were crazy(pick a pmt, graduated buy downs) and other "products" that could possibly be determined as predatory, and they just want to make them go away.
OR, just spin the wheel!
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Permalink Reply by Jeff Payne on
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I asked both Chase and BofA VPs that I mastermind with and they said that it depends on who "holds the paper". If Chase and BofA own the loan and dont just service it, they are working more diligently to get rid of the short sales. Cheaper for them to give the seller some money to keep them happy and to entice them to keep property maintained, in the long run they save money when they do not have to repair the home after foreclosure.. of course this came from a bank and I don't always believe what they say
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Permalink Reply by Justin Berry on
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I've been told by negotiators at BofA that it is based on property value, but I haven't seen enough of them to really get a handle on it.
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Permalink Reply by Kevin - Greenville, SC on
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Yes. The amount is largely based on property value and the Investor. I just closed a $380,000 sale last week with a $2500 Cooperative Incentive and a $6900 HIN Incentive.
BTW - According to Court Documents the Investor is/was - US Bank, N.A., as Trustee for the Certificateholders of Banc of America Funding Corporation Mortgage Pass-Through Certificates, Series 2007-C
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Just received Approval on another Monday with the following -
If the closing of the short sale occurs in accordance with this Agreement, you will be entitled to relocation assistance in the amount of $7,348.04 which includes $2,500, plus $4,848.04 from Bank of America, to assist with moving, rental and relocation expenses. We will instruct the settlement agent to pay you from the sale proceeds at the same time that all other payments, including the payoff of our first mortgage, are disbursed by the settlement agent. Only one payment per household is provided for the relocation assistance, regardless of the number of residents in the home. The HUD-1 Settlement Statement must show the total relocation assistance in the amount of $7,348.04 as a credit and show any authorized transaction costs paid out of the relocation assistance as charges to you.
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Property value around $125,000. Investor - Bank Of New York Mellon.
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I closed one this week where the value was $40,000. Seller received $2500 Co-Op incentive and $2500 HIN incentive.
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One more example.
Property Value around $215,000.
$11,144.25 = 1. COOP Incentive to Seller $2500.00. 2. HIN Incentive to Seller $8644.25.
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Permalink Reply by TOP END Properties on
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The lenders want it to remain 'secret' so borrowers take the gamble to make contact with their lenders in hopes of hitting the 'jack pot'.
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Permalink Reply by Katherine Muhs on
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This is all great info--especially comparing property sale prices to the HIN incentive offered. Clearly it's not based on property values, per the postings in this thread. Thanks for sharing everyone! I just received HIN offer of $5006.46 + $2500 coop on $350,000 property.
Question: is anyone working a HIN short sale and just recently received written ss approval? I'm about to receive a ss approval letter with a HIN incentive but the HIN "must close by" date is coming up on Sept 26. I'm wondering if they'll give us enough time to close escrow, or if the letter will require coe on/before Sept 26.? Any input would be appreciated.
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I cut salt out of my diet. believe me, you are a 1%er in the short sale world, at least the banks that I have dealt with :) I trust what you tell us to be true
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