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Short Sell Now - HAFA Relocation Incentive Just Trippled. Now $10,000.00!

By Temple Callahan

Real Estate Broker/Owner with Connect Real Estate - REALTOR / BROKER DRE # 01427063

March 01, 2015 01:12 AM

Excellent news for Short Sale candidates in 2015...

For homeowners who qualify for a HAFA Short Sale, as of February 1, 2015 the relocation incentive available to the occupant/borrower increased from $3,000.00... to $10,000.00!!

Yes - you may be elligible for $10,000.00 at escrow closing, for moving from your property once the HAFA Short Sale is completed. Note: The relocation money is given to the OCCUPANT of the property even if they are not the owner/borrower.

So... Stay in your property while we go through the HAFA Short Sale transaction...

You may be eligible for a HAFA Short Sale if you meet all of the following criteria:

You have a documented financial hardship.
You have not purchased a new house within the last 12 months.
Your first mortgage is less than $729,750.
You obtained your mortgage on or before January 1, 2009.
You must not have 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 me to find out with more certainty whether or not you qualify.. Email: Temple@ConnectRES.com

HAFA benefits homeowners in many ways:

You can get free advice from HUD-approved housing counselors and licensed real estate professionals.
Unlike conventional short sales, a HAFA short sale 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.
In a HAFA short sale, your mortgage company works WITH you to determine an acceptable sale price.
HAFA has a less negative effect on your credit score than foreclosure or conventional short sales.
When you close, HAFA may provide $10,000.00 in relocation assistance.

If you are experiencing difficulties making your mortgage payment then give me a call. I am a certified, licensed, Short Sale Expert. Working all over Ventura County, CA., I am well qualified to lead you through the whole process, from start to finish.

Other links to visit for more information:

http://www.ShortSaleNews2015.us

http://www.MeetRealtorTemple.us

http://www.YouTubeChannel.us

Thank you! Call me direct at (805) 208-6024...

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Lise Howe

Keller Williams Capital Properties - Washington, DC

Assoc. Broker in DC, MD, VA and attorney in DC

THis is really useful information for anyone thinking of doing a short sale! great news to share

Mar 01, 2015 01:14 AM

Bruce Walter

Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

Temple, I had the buyer for a short sale that closed last week and the seller did receive the $10,000 incentive.

Mar 01, 2015 01:16 AM

Temple Callahan

Connect Real Estate - REALTOR / BROKER - Ventura, CA

Search Ventura County Homes For Sale CA

Thank you for saying so Lise Howe!

Mar 01, 2015 01:46 AM

Hi Bruce, hmmmm... Very interesting! Check out the HAFA site, it does say that the new incentive is $10,000.00. I wonder if the short sale transaction you just completed had the HUD-1 approved PRIOR to this incentive change? I know when the HUD-1 is approved by the lender(s) Asset Manager / Negotiator, it is sometimes impossible for us to get a new approval for any changes to the HUD-1.. Perhaps the listing agent did not know about this change in time for final HUD-1 approval? Or, could it be possible that the seller was not HAFA qualified? Or, was the property not occupied by the owner? Interesting!

Mar 01, 2015 01:49 AM

Bruce Walter

West Lafayette, IN

Temple, the HUD-1 was approved around the end of the first week of February and in the bank letter of acceptance it did state that the seller would receive the HAFA assistance of $10,000 which shocked me because the sale price of this old farmhouse was ONLY $40,000!!!!

I was glad to see the $10,000 for the seller on the final HUD-1 three days before the closing because I was very worried about the water lines freezing in the sub-zero weather before closin, as the sellers had just moved out. I was going to use that $10,000 as leverage for the seller to make repairs if the pipes did freeze and the buyer did not want the house.

My worst fears were realized on the final walk through as a water line on the main floor burst (couldn't have been more than several hours old). I was prepared to make the case that if sellers did not repair damage if they claimed they had no money to do so, the buyers would walk and the sellers would lose the $10,000 if the house did not close close.

Fortunately the buyers dad was not that concerned and we cleaned the mess up before the closing once the water was turned off. The house was a gut job anyway.

Soooooooo. . . . . pardon my rambling by making a short story LONG- that is why I was glad to see that increase to $10,000! (just in case!) ^_~

Mar 01, 2015 02:54 AM

Hi Bruce Walter... Wow!! Sounds like a wild transaction.. Well, I'm just guessing here, but maybe they lost the 10K because they moved out prior to closing?? Or, maybe moved out too soon before clsoing? I know that HAFA requires that the money go to the occupant...? I'm glad your transaction closed in anycase! Congrats..!!

Mar 01, 2015 02:58 AM

Temple, it worked out for everyone! The sellers were occupying the property up to a week before the closing so it was a win-win for buyer and seller. The sellers did walk away with the $10,000 so is this a GREAT country, or what?!?

Mar 01, 2015 03:05 AM

Short Sell Now - HAFA Relocation Incentive Just Trippled. Now $10,000.00!

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