It’s about time that middle class families get a break! It’s about time that Main Street receives a bail out too! After all, Wall Street and the Auto Industry were all too big to fail, but the 90% of the American Families have been left out in the cold to fend for themselves, till now.
Wells Fargo is one the last holdouts to the Relocation Incentive race where lender like Chase and Bank of America where offering $20-$30,000 on Short Sale. Mind you we have been critical of banks insane practices in the past, but this one make sense and here’s why!
Wells Fargo has inherited bad loans from their acquisition of Wachovia and World Savings banks and want to get ride of these loans for good. However, the home owner have lost complete confidence in these banks after the Loan Modification fiasco and have stopped even opening their mail!
And offering these home owners an incentive might be a good place to start after all may be this is the bail out that the Main Street needed all along.
According to a well placed source at Well Fargo, the pilot program has started with home owners being notified of these relocation incentives. This indeed is a good move since it moves housing crisis closer to the end where inventory of distressed properties needs to be flushed out of the market. So Wels Fargo should be applauded for considering this program as well since without these incentives some home owners will never consider a Short Sale after living in their homes for free during the past 2-3 years.
But your 1s step should be to contact Department of Housing and Urban Development (HUD) and talk to a HUD 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.