If you are considering a short sale, cash incentives offered by lenders and the federal government may be available to you.
Lenders paying homeowners cash incentives up to $35,000
Lenders, including Chase, Bank of America and Ocwen, are paying significant cash incentives to encourage sellers to do a short sale and avoid foreclosure. In the past few months we have had homeowners receive checks from their lender at closing in amounts that range up to $35,000. And these large incentives are not restricted to owners of high-end properties. The owner of a short sale property that recently sold for $164,000 received a check for $25,000.
The checks are given for relocation assistance and can be used however the homeowner sees fit. There are no restrictions. It’s important to note that the seller incentive is determined by the investor, so not every lender is paying incentives. Call us at 425-381-2233 to see if you qualify for cash incentives.
Federal HAFA program offers cash for relocation assistance
The Federal Government’s Home Affordable Foreclosure Alternatives (HAFA) Program offers a $3,000 relocation incentive to homeowners doing short sales.
A homeowner may be eligible for HAFA if they meet all of the following criteria:
- They have a documented financial hardship.
- They have not purchased a new house within the last 12 months.
- Their first mortgage is less than $729,750.
- They obtained their mortgage on or before January 1, 2009.
- They have not 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.
Are you considering a short sale? Call us at 425-381-2233 to find out if you qualify for cash incentives.