2015 Short Sale Homeowners Are Receiving $10,000 for Relocation Via HAFA Program

Excellent news for Short Sale candidates and Distressed Homeowners in 2015:

For homeowners who qualify for a HAFA Short Sale, as of February 1, 2015 the relocation incentive available to the occupant/borrower has more than tripled – from $3,000.00… usually not really covering all moving costs.. to a whopping $10,000.00.

Yes – you may be eligible for $10,000.00 at escrow closing, given for moving from your property, once the sale is completed. Note: The relocation money is issued to the OCCUPANT of the property, even if they are not the owner or the borrower (person who obtained the mortgage loan).

So… This means, stay in your property while we go through the HAFA transaction… Missing mortgage payments during the process is common. However, it’s best to try to stay up on any HOA payments during the process, if your home is a condo / town home with an HOA association.

You may be eligible for a HAFA short sale if you meet all of the following criteria: (1.) You have a documented financial hardship. (2.) You have not purchased a new house within the last 12 months. (3.) Your first mortgage is less than $729,750.00. (4.) You obtained your mortgage on or before January 1, 2009. (5.) You 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.

*Eligibility criteria are for guidance only. You’ll want to contact a local Real Estate Broker in your area who specializes in helping distressed homeowners, to find out with more certainty whether or not you qualify for HAFA.

HAFA approval benefits homeowners in many ways: (1.) You can get free advice from HUD-approved housing counselors and licensed real estate professionals. (2.) Unlike conventional short sales, a HAFA approval completely releases you from your mortgage debt after selling the property. This means you will no longer be responsible for the amount that falls “short” of the amount you still owe. The deficiency is guaranteed to be waived by the servicer. (3.) When qualified for HAFA, your mortgage company works WITH you to determine an acceptable sale price. (4.) HAFA has a less negative effect on your credit score than foreclosure or conventional short sales. (5.) When you close escrow, HAFA provides you with up to $10,000.00 in relocation assistance money. (Yes, a check made payable to you.)

If you are experiencing difficulties making your mortgage payment, it’s a good idea to contact a real estate agent specializing in short sales. It is best to work with a Realtor who knows your area – but most importantly, one who has been successful in obtaining short sale approvals for other homeowners like you.

Is your Realtor is able to give your transaction the direct attention necessary to complete the short sale process? Ask your Agent or Realtor if they “work their own files,” or if they sub-contract out their short sale files to a third party company who handles the short sale aspects of the transaction.

Proceed with caution if your Realtor is not the direct contact for your file at all stages. This leaves room for miscommunications, and missed deadlines. This could ultimately mean the difference between an approval, or a denial for a short sale.

2015 Short Sale Homeowners Are Receiving $10,000 for Relocation Via HAFA Program