Hi,
Has anyone ever had a client start the short sale process and decide to move forward with a deed in lieu arrangement?
I have a new short sale and know that Fannie Mae may offer up to $10,000 in relocation assistance for a Deed ln Lieu, but only up to $3,000 in relocation assistance for a short sale.
I have not listed the property yet, and definitely want what's best for my client, especially if that means she will be able to get $10,000 vs. $3,000. Any idea of if they can evaluate your file for a deed and lieu and short sale at the same time. I would hate for her to wait a long time only to be told that she doesn't qualify for a deed in lieu and then have to start a new short sale process from the beginning.
Your feedback is greatly appreciated. Of course, I'll know soon what Nationstar has to say about it, but figured I'd see if anyone had feedback regarding this situation in the meantime.
Thanks & God Bless,
Tyra
Tags:
You can only be reviewed for one work out option at a time. I'd be reaching directly out to FNMA and nationstar escalations to see if borrower is a candidate for a DIL and how much relocation incentive they truly offer under that loss mit. option.
310-564-6389
The servicer is authorized to pay the borrower an incentive following the successful completion of a Mortgage Release located in one of the following jurisdictions:
Connecticut
District of Columbia
Illinois
Maryland
Massachusetts
New Jersey
New York
Pennsylvania
Note: For a property in one of these jurisdictions, the property securing the mortgage loan does not need to be the borrower’s principal residence.
The amount of the incentive payment is based on the requirements in the following table.
If the property securing the mortgage loan... | Then the borrower is entitled to... |
---|---|
is the borrower’s principal residence at the time of the Evaluation Notice |
an incentive payment of up to $10,000 from Fannie Mae. |
is not the borrower’s principal residence at the time of the Evaluation Notice |
an incentive payment of up to $7,000 from Fannie Mae. |
https://www.fanniemae.com/content/guide/servicing/d2/3.3/02.html
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