Involved In Real Estate · Portland, OR · Member since 2008 · 117 posts · 44 votes
I swear I read a New York Times article not long ago stating that the Obama administration was pushing through some program of incentives for all parties involved to encourage short sales. I seem to recall something about a $1500 incentive to the seller for moving expenses. A search here doesn't bring me any answers so does anyone know any more about this? Obviously $1500 to the seller is much more motivation to cooperate through the process and show up at the closing table than nothing. Was this another press release put out to show that our government is doing something and then promptly forgotten about? Is it real? Any info?
I believe that is referring to the HAFA program. Not a great deal for the homeowner. They must pay 31% of their gross monthly income per month during the process, and agree in advance to a deed in lieu if the HAFA short sale is unsuccessful. Of course they can pay the homeowner $1500 for moving expenses. They have collected much more than that during the months it was being processed.