I had a cooperative short sale with one of BOA's short sale departments in January 2013 and they offered $7000 for seller relocation incentive. For some reason (beyond me) the sellers decided to hold off and I had to end the short sale. I called the short sale department and they stated that Freddie Mac has stopped the seller incentives and is also no longer involved in HAFA II or whatever is out there now. They have to go through normal short sale channels. Does anyone know this to be true?
You need to be a member of Short Sale Superstars to add comments!
**********************************
like buttons
Replies
You're dealing with two different issues it seems. Are you doing a Bank of America Cooperative Short Sale or are you doing a HAFA? Because Freddie Mac no longer does HAFA, but it does pay a relo incentive. However, you might get more out of the Cooperative Short Sale side or perhaps even an HIN incentive, especially if the lender was originally Countrywide. But you can't have an offer. You would need to get the Cooperative incentive upfront arranged, and then submit the offer.
I have a Fannie deal right now and Nationstar keeps trying to tell me that HAFA has expired. When I tell them about HAFA II (Standard Short Sale).. They just ignore my messages..
• If the Borrower receives relocation assistance from a
source other than Freddie Mac or the Servicer, Freddie
Mac will provide the difference in the relocation
assistance amount up to the $3,000 incentive maximum.
• If the Borrower will receive relocation assistance from a
source other than Freddie Mac or the Servicer and the
amount is equal to or greater than $3,000, Freddie Mac
will not provide any relocation incentive to the extent
that the Servicer is aware of such payment.
http://realtorsfr.org/wp-content/uploads/2012/12/Standard-Short-Sal...
If the borrower is eligible for relocation assistance but does not request it, am I still required to offer it?
Yes, this assistance is provided by Freddie Mac and is intended to help with relocation expenses of all borrowers who meet the eligibility requirements for relocation assistance, regardless of whether or not the borrower requests it.
http://www.freddiemac.com/singlefamily/service/short_sales_FAQ.html#23