The government is launching a new effort to encourage "short sales" of houses in danger of foreclosure. The Treasury Department will offer more than $3,000 in incentives to lenders and homeowners.
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A HAFA Short Sale Is More than a Three Thousand Dollar Incentive. Aside from the Treasury’s HAMP (loan modification) program, this is another available option in the arsenal of foreclosure avoidance. Lots of folks already know that a HAFA short sale will net the short sale sellers $3000 at closing. But, there are several other key differences between a traditional short sale and a HAFA short sale.
Treasury announces short sale incentive Program. The incentives include a $1,500 payment to the homeowner to help cover relocation costs, a $1,000 payment to the mortgage servicer for allowing the transaction to go forward and up to $1,000 to investors holding the mortgage for allowing part of the proceeds to be paid out to second lien holders.
In a short sale, the bank sells the property for a price short of the balance owed on the property’s loan. Under HAMP, the Treasury allocates capped incentives to servicers for the modification of loans on the verge of foreclosure.
In the summer of 2011, the Treasury temporarily withheld incentive payments, but they would eventually hand over all the money. If the program had actually put borrowers first, they could have.
· Chase Bank Short sale incentive georgia short sale homeowner receives Big Short Sale Incentive Check. Georgia Short Sale Homeowner receives Big Short Sale Incentive Check at closing. Chase Bank Short Sale Incentives paid to homeowners that complete a successful short sale.The relocation incentive is not a loan and does not have to be paid back!
Housing Wire – "Short Sale Incentives Coming in 2010, Treasury Says" (12-1-09) "HAFA allows the borrower to receive pre-approved short sale terms before the property is listed and frees them from future liability for the debt.
Richard Short was just the start of it. a persistent critic of tax incentives. On the other side of the argument: Some of Michigan’s largest companies say they are hiring hundreds of workers thanks.
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