Not to be outdone by Bank of America, Chase and other who are offering $20-$30,000 of relocation money for Home Owners who participate in Short Sale, Wells Fargo Home Mortgage has also started a program to offer a relocation incentive as well. But don’t expect any flashy Press Release from Wells Fargo since that’s not the kind of bank they are.
However, if you have a Wells Fargo, World Savings, or Wachovia Loan, it’s smart to start opening the envelops you are getting from the bank these days since it will contain an incentive to sell your home.
Yes, you heard it right. 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.