Wells Fargo has finally decided to join the ranks of lender such as Bank of America, Chase and others who are offering $20-$30,000 of relocation incentive on Short Sale. So if you have a Wells Fargo, Wachovia, or World Savings Loan on your San Jose home, then you might be in luck if you participate in Short Sale.
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.
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.