Short Sale
The answer to this question is resounding YES!! But why the bank are willing to part with Relocation Money on Short Sales!?
See the banks have a difficult job of romancing home owners to trust them after the Loan Modification disasters which was nothing but a photo op for the bank VPs to show that they cared about the home owner’s plight.
But once the cameras were gone, the realty set in that the banks had no interest in Loan Modifications.
And that left a terrible taste with the Home Owners who have been living in the home FREE for the past 2 years without making ANY payments.
And now that the banks are making MORE money with Short Sales and want the owners to cooperate, they have to get their attention.
But before you consider giving you bank a 2nd chance and cooperate with them on a Short Sale, you should contact Department of Housing and Urban Development (HUD) and talk to a counselor about ALL your options to avoid foreclosures which includes Deed in Lieu.
Keep in mind that in case of a HAFA Short Sale of a 1st lien, the banks are only offering a limited amount of Relocation Funds which ranges from $3,000-$6,000 dollars. But if your have a jumbo loan and are qualify for a Short Sale, your Short Sale Agent can request additional funds as Relocation Expense.
Some banks like Chase are offering $25,000 for Relocation. Is it possible they are starting to feel guilty for what they have done to this economy?!
Dream on and Contact Us if you have any questions on your Short Sale.
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