Top 4 Major US Lenders have started offering large relocation incentives on Short Sales. Some of these lenders are offering as much as $35,000 for homeowners who want to sell their home with an underwater mortgage.
So, there is no sense considering a HAFA Short Sale since it only offers homeowners a maximum of $6,000 maximum for relocation expense. That’s why we are advising our Short Sale clients to decline HAFA Short Sale as an option! Top 4 major lenders who are offering large relocation incentives include Chase, Citibank, Bank of America and Wells Fargo.
However, before you decline the HAFA Short Sale, make certain that your loan has not been sold to a 3rd party investors who might not offer similar incentives. Also, make certain your loan is still serviced by these lenders who offering large relocation incentives. We can accomplish this for our clients using a 3rd party Authorization to help confirm this information.
To qualify for these relocation incentives from your lender, you lender will need a handwritten letter stating that you are declining HAFA Short Sale as an option.
In case you have completed your bankruptcy and you still have an underwater mortgage it might be worth to explore some of the bank’s Relocation Incentives to Short Sale your San Jose home.
This a golden opportunity to take advantage of these incentive since they might not be around in 2014. In addition, any such contribution might be subject to income taxes if Congress and State of California do not extend the Tax Forgiveness acts in affect in 2013.
Contact Us if you have any questions on your Short Sale.