Forum

SELLERS' FHA SHORT SALE RELOCATION INCENTIVE BEING WITH HELD

Posted by Judy Johnson on September 24, 2012 at 10:14am in Short Sale Discussions

My FHA Short Sale Negotiator with GMAC says that the Seller's Relocation Incentive will be applied toward the 2nd lien however, the Seller's Real Estate Attorney claims that it is not legal for GMAC to withhold the Seller's FHA Incentive.  Does anyone know if this is true or not?

You need to be a member of Short Sale Superstars to add comments!

Join Short Sale Superstars

Email me when people reply –
Follow

Replies

  • Kevin - Greenville, SC September 24, 2012 at 11:33am

    GMAC is correct (probably for a change).  If you are still meeting the required tiered proceeds even after the Incentive is applied you can request GMAC submit a variance request to HUD.

    • Kevin - Greenville, SC > Kevin - Greenville, SC September 24, 2012 at 12:37pm

      HUD will pay an additional amount up to $1,500 for the discharge of junior liens after
      the Mortgagor’s incentive has been applied.

  • Bryant Tutas September 24, 2012 at 10:34am

    The FHA incentive can be up to $1,000. This can be used towards the 2nd lien if the 2nd needs more than the $1,500 FHA will pay. So yes it is legal.

    • Judy Johnson > Bryant Tutas September 24, 2012 at 11:01am

      Thanks so much Bryant for your response!!!

This reply was deleted.
********************************** like buttons ************************