Most home owners who attempted a loan modification with their lender, have become convinced that banks have insane practices. But are the banks now offering Relocation The answer to this question is resounding YES!! But why the bank are willing to part with Relocation Money on Short Sales!?
Part of the rational is that banks have a difficult job of romancing home owners to trust them after the Loan Modification disasters! So, they need to sweeten the pot for any home owner who is interested in a Short Sale, specially the home owners who have not made a payment for the past 2 years.
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.
I appreciate the role you’re playing informing people in tough situations how to navigate this mess the banks and government have created. Good for you! Keep sharing your knowledge.