As of February 1, 2015 the HAFA limit was increased to $10,000 Incentives, Which is a jump from the previous $3000.00 limit in years prior.
Good news!! Many Lenders are paying significant cash incentives ranging from $2,500 – $30,000 to encourage sellers to do a short sale and avoid foreclosure. Here at Short Sale Solution/Your Advantage Realty we have been successful in being the sellers advocate in working with the lender to find out what incentives(s) sellers may be eligible for. Not every bank/investor has an incentive program, however, many of them do.
Short Sale incentives can be divided into 3 main categories. Note: You may qualify for more than one of these incentives.
HAFA – Up to $10,000 cash incentive. HAFA (Home Affordable Foreclosure Alternative) is program sponsored by the Federal Government intended to streamline the short sale process and assist in the relocation process.
Short Sale Relocation Cash Incentive – 2,500 to 30,000.00 relocation assistance offered by the bank or investor
FHA incentive – 750.00 – 1000.00 but could be more in some instances
Call us and we can verify what incentive program(s) you might qualify for.