Recently Wells Fargo joined the ranks of other banks such as Bank of America and Chase Home Mortgage who were offering $20-$30,000 of relocation funds when a home owner participated in a Short Sale. If you have World Savings or Wachovia Home Mortgage then you might be one of the lucky few who qualifies for this incentive. So, don’t recycle your recent letters from your lenders because there could be a huge incentive inside!
It was bound to happen since most home owners have no incentive to participate in a Short Sale specially since they have been living in their home without making any payments for 2-3 years. There was no reason for these home owners who have a Wachovia or World Savings Loans to bother with Wells Fargo’s interest to Short Sale their home. Most banks are now concluding that there is no need to continue kicking the can down the road and they want the home owners whose homes have not appreciated during the recent Real Estate bubble, to put up their homes for a Short Sale.Even Wells Fargo is offering $15-$20k incentive for home owners to Short Sale their home.
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. Bank of America has similar programs and now Wells Fargo Home Mortgage has also jumped into the foray. 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.