Short Sale Incentives
There are a lot of programs today that are designed to help homeowners who need to short sale their home. These programs “incentify” the homeowner so they will consider a short sale rather than just letting the property go back to the bank. If they qualify, the homeowner can receive up to $10,000 to cover relocation costs. So, in some cases, our homeowners can walk away with more money in their pocket than equity sellers!
Some of the current programs available:
This is the best-known short sale incentive program. HAFA stands for Home Affordable Foreclosure Alternatives, and is part of President Obama’s Making Home Affordable Program. The main benefit of this program is that the homeowner or tenant will receive $10,000 to cover relocation costs.
To be eligible for HAFA, the homeowner must meet the following requirements:
- Your lender must participate in the HAFA program.
- You have a documented financial hardship.
- You have not purchased a new house within the last 12 months.
- Your first mortgage is less than $729,750.
- You obtained your mortgage on or before January 1, 2009.
- You must not have been convicted within the last 10 years of felony larceny, theft, fraud, forgery, money laundering or tax evasion in connection with a mortgage or real estate transaction.
- The offer on the transaction must hit a lender-specific minimum requirement.
Also, for California short sale sellers:
- Keep Your Home California – Transition Assistance Program (TAP): In this program, qualified California households that participate in a short sale or deed-in-lieu of foreclosure will receive up to $5000 at closing.
You can be assured that, here at Short Sale Solutions, our job is to insure that our homeowners are considered for every possible incentive program that their lender may participate in. Contact us today to discuss your particular situation and to investigate what options may be available to you.
(**An important note to Homeowners! Be sure to watch your mail and open any correspondence that comes from your lender! A lot of these incentives are only offered through the mail so you don’t want to miss out on this opportunity!)