Can you imagine getting
paid thousands of dollars just for short selling your home? Fannie Mae, Freddie
Mac, the Federal Housing Administration and other banks are now giving sellers
money just for selling their homes.
Recently Freddie Mac
announced that they would be willing to pay the borrower up to $3,000 in
relocation fees. In addition, they are also providing the servicer of the loan
up to $2,200. The other government funded loan servicer, Fannie Mae, is also
offering the same incentive to their sellers, as well.
The incentives have been
increasing in popularity. So much, in fact, that the Federal Housing
Administration also released they are raising the amount of their current
incentive. Sellers who finish a short sale on their own will no longer be
offered $1,000, and instead will get $3,000.
The other government
program, the Home Affordable Foreclosure Alternative, is following in the footsteps
of the other government lenders and is also offering $3,000 in relocation
assistance for sellers. Military veterans are also included in these new
programs. Veteran’s Affairs is now offering $1,500 to veterans who close a
short sale.
Aside from government
programs, banks are now stepping up and helping out homeowners. Chase is a bank
who is going above and beyond for those who close on a short sale. Under their
new program, homeowners can get up to $45,000 just for selling their home!
That’s close to $50,000 just for opting for a short sale instead of a
foreclosure.
Government programs and
the banks are clearly trying to help out short sellers as much as possible. The
new incentives not only help homeowners get back on their feet, but also show
that it really does pay to do a short sale.
The choice of a lawyer is an important decision and should not be based solely upon advertisements.
No comments:
Post a Comment