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Fannie Mae relocation incentive when the home is vacant?

Posted by Tracie Norman on June 13, 2013 at 4:18am in Short Sale Discussions

Homeowner had to relocate out of state to find work after being fired.  She meets the eiligibility guidelines for relo, but we are being told she won't get it because she already moved.  I read through the Fannie servicing guide and it doesn't reference whether or not the home has to be occupied. . .Does the vacancy prohibit the owner from getting the $3000?

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Replies

  • Kevin - Greenville, SC June 13, 2013 at 6:00am

    Check to see if your State has any funds.

  • Kevin - Greenville, SC June 13, 2013 at 5:58am
    Borrower Relocation Incentives 
    For an occupied principal residence at the time of the Evaluation Notice, the borrower is entitled to an incentive payment of $3,000 from Fannie Mae to assist with relocation expenses following successful completion of a Mortgage Release unless: 
     the borrower is required to contribute funds or execute a promissory note, 
     the borrower has PCS orders and receives a Dislocation Allowance (DLA) or other government 
    relocation assistance, or 
     the servicer has knowledge that the borrower is receiving relocation assistance from another source 
    other than the servicer.
     

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