A 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.