short salesA call came in the other day from a gentleman with a really great question.

 “I have a Notice of Default on my property and my mortgage is with Chase Bank. I really need relocation expenses paid in order to be able to afford to move, and I want to know if I qualify for the additional Chase Bank relocation assistance. How can I find out now?”

This is such a great question, and it seems to be one of the great mysteries in short sale processing and negotiation. In fact, you hear so many horror stories about short sale sellers who think they are getting relocation assistance and then learn at the last minute that they get nothing—often because the agent or short sale processor did not correctly do what was necessary. 

The answer to the question about Chase relocation assistance is this: With the help of a qualified Realtor® who knows his or her way around a short sale, you can find out very quickly whether you qualify for the HAFA program, which offers $3000 in relocation assistance to qualified borrowers. The additional money (the big bucks sometimes offered by Chase and even Bank of America)—learning about that takes a little bit longer. Often times, you do now know until you are able to speak directly with the short sale negotiator in the midst of the short sale process after the package has been submitted to the bank.

The reason that obtaining the information often takes awhile is because the amount of relocation assistance varies depending upon the investor that owns your note. Remember that often times the lender where you pay your mortgage does not own your note (your loan). This company could just be servicing it for someone else or some other entity. And, in this case, the negotiator’s work is based upon the guidelines of the owner of the note, and not the guidelines of the servicer.

Sounds a little confusing? It can be! That’s why you need to make sure that you are working with a qualified Realtor® that knows how to get the job done. And, if you need assistance, feel free to contact the agents at Broadpoint Properties.

 

Melissa Zavala 
BROKER/REALTOR® ● CA DRE #01324959

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Post is included in group: Short Sale Specialists & Pre-Foreclosure Education
Post is included in group: Short Sales Pre Foreclosures Bankruptcy and More!
Post is included in group: Realtors®
Post is included in group: Short Sales and Forclosures ONLY
Post is included in group: Short Sale REALTORS®

22 Comments on Short Sales and Relocation Assistance Money for Sellers

20 Most Recent Comments Displayed Show All

OCT
15
205,050 Points 14 Featured Posts Outside Blog Called Shot Master

I hope many Short Sale sellers read your post. Key is to work with an experienced Realtor who know and understand the Short Sale process, submit the package correctly the first time and work with the negotiator on behallf of the sellers. Many agents don't understand how HAFA works themselves so they can't possibly assist the Sellers. Qualification guidelines for HAFA are very specific and if the Seller's circumstance fits into the criteria, regardless of their lender, they will qualify for HAFA. Great post, thanks for sharing.
4:48pm • #3
466,302 Points 8 Featured Posts Outside Blog Called Shot Master

You know so much about short sales! I don't know of anyone in Texas who knows as much as or more than you!
5:14pm • #4
1 Featured Post

The problem is that most owner wait until they receive notice of eviction and then call and ask for assistance. If they would only contact us earlier.
5:18pm • #5
984,657 Points 106 Featured Posts Localism Sponsor Outside Blog

With some of my sellers, I can tell right away if they qualify for a cash incentive. I might not know how much they will get, but I can tell if they are eligible. I have sellers in Sacrameto who are receiving double compensation from Bank of America -- getting the coop incentive plus the HIN incentive. Last week I had a seller get angry when I told them to get the Freddie Mac HAFA they needed to initiate the process, and they were so ticked off because they didn't want to do anything at all and could not understand why I couldn't wave my magic wand and do it for them.
5:20pm • #6
619,786 Points 96 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

There are banks with different programs as well.  I am working on a weird short sale right now that guarantees the seller 4% of the bank's net for relocation...nothing in writing supposedly so we shall see.  This is great information though!
5:37pm • #7
159,394 Points 3 Featured Posts

I've seen so few people qualify for moving costs but have had it happen a couple of times. It's often a crap shoot and the lender's will frequently hold off unless there is a major hardship.
6:04pm • #8
940,719 Points 94 Featured Posts Outside Blog Attended Rain Camp

Sussie: Texas is a big state. I'm sure there must be someone there that has a wealth of short sale information.
6:09pm • #9
761,765 Points 69 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

You are an incredible resource for those thinking of short-selling their homes ih California.  You really know the process.
6:23pm • #10
796,463 Points 80 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Melissa, it does make a difference who the negotiating team is and how well they process...some lawyers here are doing the negotiations and the short sales go on for over 8 months...not fair to buyers or sellers...North San Diego short sale sellers should be reaching to you...you've got the tic tock!
6:29pm • #11
1,153,804 Points 86 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Melissa, the general amount has been $3,000 for occupied sellers and $2,500 for non occupied sellers. Although Chase has been more generous with some of their loans depending on the amount of the outstanding mortgage. Working with a short sales specialist is key, however, and there's no question you know your stuff
6:55pm • #12
Localism Sponsor Outside Blog

Great explanation Melissa...short sale sellers could really benefit with relocation assistance
7:00pm • #13
217,054 Points 2 Featured Posts

Melissa, you are spot on, just did a reblog http://actvra.in/K6J

Thank you!  Kristine :)
7:12pm • #14
865,945 Points 18 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

This whole short sale world is still very complex, slow and difficult to navigate. 
8:01pm • #15
1,156,628 Points 29 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Melissa so often you have demonstrated your expertise in the short sale market.  Seller finding themselves needing to go the short sale routine in North San Diego CA should seek your assistance.
9:44pm • #16
880,794 Points 10 Featured Posts Attended Rain Camp Called Shot Master

Melissa, it is always good to work with professional - they know what's going on in the market and in the field of short sales.
10:18pm • #17
OCT
16
1,552,323 Points 277 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

We can tell right away on our first discussion with a seller if they qualify for HAFA $3000 relocation funds or not. We can also call the bank to find out if the loan number is one of the bank's incentive files for the big bucks. The big bucks are determined by the amount of the deficiency. The higher the loan amount versus the value the more incentive money there is. That is what the executive department at Chase explained to us the formula they use. 

We just had one where the sellers had an attorney negotiating for them and the attorney did not put their short sale through the HAFA program so of course, the approval letter came back with no HAFA relocation funds. We asked the attorney why the sellers did not get HAFA approved and they said they forgot to put the short sale through as a HAFA. We recommded to the sellers to start the process again, apply for HAFA, they did, they got the approval for HAFA. 

So many times it is the attorney or the agent that does not know how to process a short sale for the benefit of the seller to get incentive monies. 
4:44am • #18
131,509 Points 15 Featured Posts

Nice to see a short sale relocation assistance article that explains it out instead of making promises and giving distressed homeowners false hope.
4:53am • #19
839,181 Points 69 Featured Posts Outside Blog Called Shot Master

Going through this now.....thank you for the extra awareness
6:27am • #20

This is still hard for a lot of people to figure out, thanks for the great info.
9:41am • #21
376,743 Points 26 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Melissa - Well said!  There are so many things people and agents not experienced in these matters DON'T KNOW that causes them to struggle or even not perform the short sale.  This is why I refer agents needing short sale assistance to you.  You have been focusing on this niche in all of the years I have known you and I cannot think of anyone better to handle short sales.
10:53am • #22

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Escondido Real Estate - North San Diego County Homes

Melissa Zavala, Broker

Escondido, CA

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Broadpoint Properties

Address: 220 West Second Avenue, Escondido, CA, 92025

Office Phone: (760) 839-3838

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