I know it’s hard to believe. But it’s still true. You may qualify for a cash incentive*** from your Lender to do a Short Sale.
***These programs are not available to all Sellers and the incentives may vary from State to State.
Here are the Short Sale Incentive Programs that I am aware of:
HAFA. Home Affordable Foreclosure Alternative. Lender will pay the Seller $3,000 as a Relocation Assistance. Only for primary residences.
FHA PFS. HUD Pre-Foreclosure Sale. Seller can receive $1,000 for relocation assistance. Just yesterday I received FHA PFS approval increasing the seller incentive to $4,000!! Only for primary residences.
Chase Short Sale Incentive Program for select Borrowers offering them up to $35,000 to do a short sale.
Bank of America Co-operative Short Sale. From $3,000 to $20,000 Short Sale Incentive.
Citi Bank, Wells Fargo and Ocwen also have programs available for select home owners. Amounts vary from $3,000 to $35,000. Most are in the $5,000 range.
Folks if you are behind on your payments be sure to open any and all mail you receive from your lender. It could very well be an offer to Short Sale your property. These offers are usually time sensitive and require immediate action on your part.
But why would my Lender pay me to do a Short Sale? That’s a good question. For one, it less expensive, for them, for you to cooperate during the Short Sale process and maintain the property than it is for the Lender to foreclose and get an abandoned property back. Also, the Lender does not want you to continue living in the property for free. They would rather pay you to do a Short Sale now than have you live there for another year or so while deciding what to do. The incentive gets you to take action.
Whatever their reason is.....iIt’s a good opportunity for you. Any questions?
Are you under water on your Florida mortgage?
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Want to find out more? www.CentralFloridaShortSales.com
***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.
Copyright © 2011 http://www.brokerbryant.com/ | All Rights Reserved
Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.
Want to find out more? www.CentralFloridaShortSales.com
***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.
Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales, Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.
Copyright © 2011 http://www.brokerbryant.com/ | All Rights Reserved
Dear Broker Bryant -
What if you have led the homeowners to water and they are so angry and so disgusted that they are not able to even see the possibility? Won't even consider any pro-active actions ... Really sad for me ...
Have a happy day -
Lynn (in GA)
Those are all probably great programs. It still takes forever to get thru all the paperwork. 6 months on an offer with B of A. Still getting request for more stuff. Yes if we get there seller will get $3000. Next issue will be inspections. Seller is tired of it. So am I.
we really need to stay on top of this in order for our clients to take advantage of these opportunities.
Bill. A BofA co-op short sale requires nothing but a hardship letter, contract and HUD. Chase is the same. Very smooth and very quick. If you have any issues with a BofA file use the twitter team @BofA_Help tell them Broker Bryant sent you to them. They are awesome.
Most of our short sales get approved in 60 days or less. Now HAFA is a different story. They suck!!!
Lynn, We can only do so much. Some sellers will be foreclosed on. Usually from frustration or lack of participation.
Ronald. Things change so quickly it's difficult to remember all of these programs.
Yes, hard to believe sometimes, but it's true. Just gave $10,000 to a Chase short sale customer, working on a $20,000 one with B of A.
Bryant...excellent post, sometime and incentive is just what a homeowner needs in order to get back on track and rid themselves of their underwater home!