I am always interested in hearing the feedback (positive and negative) about the new "programs" the lenders are offering to homeowners.
The email most of us in Florida received yesterday regarding the "Florida Enhanced Short Sale Relocation Assistance Program" will offer distressed homeowners anywhere from $5,000 to $20,000 in relocation assistance if a short sale is initiated before November 30th... (certain restrictions apply)
If this is true, this would be such a blessing to so many sellers who have no idea where they will go once they sell their home!! The HAFA incentive has been working and I have seen many homeowners walk away with $3000 and another lender gave a homeowner $5000! The happiness the seller has when they get ANYTHING at closing is such a relief, because let's face it, something is better than nothing!
But WHY?? are they doing this? is it a Chase situation where they are offering incentive to "select" sellers (who fit reg z violation criteria??) Will this program only be offered to original Countrywide loans that fall into the category of defaulted loans that have a whirlwind of issues? Is this a reaction to BOA stating they would file Bankrupty on former Countrywide assets??
Inquiring minds want to know?? I hope it works, I really do!! It is nice to see Happy Tears when it comes to a Short Sale.