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FHA relocation incentive on FHA - rule change?

Posted by Brian Bean on November 28, 2011 at 11:03am in Short Sale Discussions

Today, along with the approval to participate on a short sale, we got a notice from BofA that indicates the seller's relo incentive, previously approved at $1,000, is being increased to $4,000. Quick Google search didn't turn up any policy changes that I could find. Has anyone else encountered same?

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FHA, incentive, relocation

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Replies

Jen Basnight February 8, 2012 at 4:15pm

I was told from a short sale attorney that sellers are being gifted $500 to $1000. What did you discover?
- Kevin - Greenville, SC > Jen Basnight February 8, 2012 at 9:23pm
  
  Call me. 864-485-9283.
Kimberley Kelly November 29, 2011 at 3:23am

Take the money, take the money..
Eric Mieles November 28, 2011 at 8:12pm

There have been several letters being sent out directly to homeowners saying $4k for relo and $7500 for DIL. BOA send them with Titanium assignments.
- Kevin - Greenville, SC > Eric Mieles February 8, 2012 at 9:22pm
  
  This is more than just Titanium assignments.
  
  http://www.americanbanker.com/issues/176_151/stevens-fha-bank-of-am...
Kevin - Greenville, SC November 28, 2011 at 12:24pm

Check out the FHA board for info. It's part of a BOA settlement with HUD. I previously posted there regarding.

http://shortsalesuperstars.com/group/fhashortsales