Short Sales and Relocation Assistance Money for Sellers

By
Real Estate Broker Owner with Broadpoint Properties Cal BRE #01324959

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.

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Re-Bloggged 2 times:

Re-Blogged By Re-Blogged At
  1. Ginger Harper 10/15/2012 03:00 PM
  2. Kim & Kristine Halverson 10/15/2012 07:11 PM
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Topic:
Lending / Financial
Groups:
Short Sale Specialists & Pre-Foreclosure Education
Short Sales Pre Foreclosures Bankruptcy and More!
Realtors®
Short Sales and Forclosures ONLY
Short Sale REALTORS®
Tags:
bank of america short sales
relocation assistance
short sales

Comments 23 New Comment

Rainmaker
134,415
Paul Francis
Las Vegas Real Estate - Summerlin Homes - 702.592.
Prudential Americana Group - REALTORS

Nice to see a short sale relocation assistance article that explains it out instead of making promises and giving distressed homeowners false hope.

October 16, 2012 04:53 AM
Rainmaker
1,115,457
Richie Alan Naggar Author PEARLS SERIES of books
on LIFE and LOVE plus Real Estate too!
People first then business! Ran Right Realty Riverside, Ca

Going through this now.....thank you for the extra awareness

October 16, 2012 06:27 AM
Rainer
94,662
Shane Barker
Amerifirst Financial, INC.

This is still hard for a lot of people to figure out, thanks for the great info.

October 16, 2012 09:41 AM
Rainmaker
392,554
Nevin Williams
Raleigh Mortgage Pro
Sierra Pacific Mortgage Raleigh

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.

October 16, 2012 10:53 AM
Rainmaker
268,788
Inna Ivchenko
Los Angeles / Valley Homes
Mannis Real Estate Group

Love the post and those who shared their experience and thoughts on incentives/relocation fees.  It is so hard to predict how lenders find out: how much they would pay to the seller. These days it is 3-30k, right? How they come up with the number for a particular short sale seller? Every situation is different...

May 30, 2013 11:39 PM
Ambassador
1,064,954

Melissa Zavala

Broker, Escondido Real Estate, San Diego County
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Broadpoint Properties