Just like the herd mentality among the VC community, it did NOT take long for Wells Fargo to follow suit by offering large cash incentives on Short Sales. Wachovia Bank which is now owned by Wells Fargo is offering Cash incentives for Gilroy Home Owners to motivate them for a Short Sale. Unlike HAFA Short Sales where the total compensation tot he home owners is capped at $6,000; these cash incentives form Wachovia are much higher.
Give these large cash incentives, we are recommending that majority of our Short Sale clients decline their HAFA Short Sale option. However, before rushing to decline the HAFA Short Sale, we need to make certain that your loan is still owned and serviced by Wells Fargo. For our clients we use a 3rd party Authorization to help confirm this information. This information is critical to confirm the availability of these incentives.
To qualify for these relocation incentives from your lender, you lender will require a handwritten letter stating that you are declining HAFA Short Sale as an option. These large incentive are the best options and they might not last. In fact, Wells Fargo incentive letters that are being sent out on Wachovia Short Sale loans have an expiration date which is requires the home owners to contact the Wells Fargo if they are interested in taking advantage of these incentives.
Even if have completed your bankruptcy you might still be eligible to receive these incentives for relocation from Wachovia on your Gilroy Short Sale. Wells Fargo Home Mortgage incentive program is supposed to be more conservative at 15-20k max which is good incentive for home owners whose home will never recover in value.
Contact Us if you have any questions on your Wachovia Short Sale since these are limited time offers from these lenders who are offering Cash for Short Sales.