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SPS reloction funds limited to $10,000 any way to get more for the homeowner?

Posted by Kieran Jackson on November 20, 2015 at 11:59am in Short Sale Discussions

Hello all,

My client's property is in a very hilly and congested area in Hollywood. In the area, it's normal for people to use cranes to get furniture in and out of their houses. Client says he needs more than $10k to move out and relocate.

Is there any way to get the client more money, or should my client accept the $10k. Has anyone seen any other item that could be added to the HUD, that would go to the owner from escrow and SPS approve of it?

Thanks for any ideas.

Kieran

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Replies

  • Jonathan Katz November 22, 2015 at 7:12am

    It is likely that $10,000 will be as good as it gets through the HAFA program. Generally only accounts that are solicited for a special incentive get more (rare to see nowadays).

    You can try to see if the buyer can help out with moving and disclose it to the bank. It wouldn't be able to show on the Est. HUD though.

    Brett@ishortsalenow.com

    310-564-6389

    www.ishortsalenow.com

    • Jonathan Katz > Jonathan Katz November 22, 2015 at 1:13pm
      I think he is lucky to get 10k. Most servicers would give 0 for such a high loan balance. You can ask, it depends on the investors guidelines, but I don't feel it's likely.
    • Kieran Jackson > Jonathan Katz November 22, 2015 at 1:07pm

      This is not a HAFA short sale, as the owner owes well over $1,000,000 on the property. Do you think it's possible to get more than $10,000 out of SPS for the relocation?

      Perhaps your "Not on the E HUD" solution would be best.

  • Kevin - Greenville, SC November 20, 2015 at 2:00pm

    i would assume you're going the HAFA route. $10,000 is the max.

    • Kieran Jackson > Kevin - Greenville, SC November 22, 2015 at 1:06pm

      Hello Kevin,

      This is not a HAFA short sale, as the owner owes well over $1,000,000 on the property. Do you think it's possible to get more than $10,000 out of SPS for the relocation?

      Perhaps Brett's solution would be best.

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