Follow Us on Social Media

email icon rss icon linked.in icon google plus icon twitter icon facebook icon

The 6 Most Common Short Sale Incentive Programs Available Today

by Melissa Zavala on February 26, 2012 · 4 comments

  
short sale programs

Short sale incentive programs have been big news these last few weeks. While the programs themselves are not new, the fact that they have been a featured topic on many news media sites has brought a renewed interest in these programs. So, I thought it would be a good idea to share some information on the most common short sale incentive programs available:

Options available for short sale sellers:

HAFA: In this program, qualified households who participate in this program (which has both short sale and deed-in-lieu of foreclosure options) receive $3000 at closing. (Fannie Mae and Freddie Mac also participate in HAFA.)

Bank of America Cooperative Program: In this program, qualified households that participate in this short sale program will receive $2500 at closing.

TAP: In this program, qualified California households that participate in a short sale or deed-in-lieu of foreclosure will receive up to $5000 at closing.

Wachovia: Wachovia Bank frequently sends borrowers letters asking them to participate in a short sale and offering an incentive in the letter. Sellers should read their mail and save the letter so that they can redeem the incentive at closing (usually between three and five thousand dollars).

Litton: Litton Loan Servicing frequently sends borrowers letters asking them to participate in a short sale and offering an incentive in the letter. Sellers should read their mail and save the letter so that they can redeem the incentive at closing (usually between three and five thousand dollars).

Chase Bank (and Citi and SPS): Chase Bank is now sending certain borrowers letters offering them the option of participating in a short sale for a significant incentive (often between $20,000 and $40,000 dollars). Read the fine print on the offer and follow all of the rules in order to receive this incentive at closing.

While these are by no means all of the incentives available, they are definitely the most common ones. And, with all of these options on the table, it’s more likely then ever that sellers may select short sale over foreclosure. So, now might be as good a time as any to consider short sales as a viable component of your plan for 2012.

(photo credit)

Email *
  



{ 4 comments… read them below or add one }

Kathleen Couch February 27, 2012 at 11:14 am

Melissa,
Good info, thanks! One used in our area is Fha. They will pay up to $1,000. Also since there is no more Wachovia, does Wells Fargo do the same?

Reply

Connie Addison March 7, 2012 at 2:43 pm

I just took a listing for a short sale – the lender is Chase. As of this week, the sellers have not received a letter offering them an incentive. What is the best way to approach Chase to request relocation expenses?

Reply

Arna F. June 6, 2012 at 4:16 pm

There are a ton of variables that come into play that can affect the outcome of your short sale. The best advice I can give any homeowner is to do your research and take the time to find a well educated agent, securing a knowledgeable agent will help a lot. Many agents now days are working with third party companies to assists with the processing of their short sales, simply due to the fact that they’re time consuming and they’re able to assist more homeowners this way.

Reply

Jeremy Pendleton July 3, 2012 at 11:28 am

Kathleen, I’m not sure if it’s the exact same program that wachovia had, but wells fargo does offer a short sale program – https://www.wellsfargo.com/homeassist/ (just click on the “if you can’t stay in your home” tab)

Melissa, thanks for the share :-)

Reply

Leave a Comment

Comment Policy:

• Use your real name and only your name in the field designated for your name.
• No keywords allowed as anchor text in the name or comment fields.
• No signature links allowed under your comments
• You may use links in the body of your comment, but it must be relevant to the discussion at hand, and not merely be some promotional link.
• We will have NO reservations about deleting your content if we feel you are posting merely to get a link without adding value to our discussion.
If you add value, but still post keywords, we'll use your comment, but remove your link and keywords.
• For more information about acceptable practice, see our site rules.

Want your photo to appear next to your comments? Set up your Gravatar today.

Previous post:

Next post: