I'm rather new to short sale processes and I am currently working on one with Chase. I asked the processor if my client was eligible for relocation assistance and she said no because the investor is not participating in HAFA. So even though the investor is not participating in HAFA does that mean that my client cannot get any assistance from them?
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So now the processor for the file is saying the previous processor may have issued it as a incentive to the short sale agreement. This short sale is one that was worked on in the past but dropped by previous agent so me and my staff have picked it up. Can they do this? He was granted assistance the first go round but now he is not.
So the loan is a FHA loan, is it because I am working with Chase? I looked up some info and saw that Bank Of America offers up to 1,000
It is up to $1000 on an FHA Loan regardless of who the Servicer is.
http://portal.hud.gov/hudportal/documents/huddoc?id=nscpfsfaq.pdf
My understanding is that servicer participation in HAFA is voluntary.
Participation is voluntary, but once they have volunteered they are obligated. Like the Military.
Who is the Investor?
Usually, if it's Fnma or Freddie they'll tell you. FNMA and Freddie are still offering relo assistance, they just don't call it HAFA any more. You can look up the loan on FNMA and Freddie look up sites to see if it's their loan with owner last 4 digits of social security #.
https://www.knowyouroptions.com/loanlookup
https://ww3.freddiemac.com/corporate/
thank you so much guy!
Likely Fannie Mae or Freddie Mac. They announced their withdrawl from the program back in Dec 2012.
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