Making Affordable Home Changes
Effective Feb 1, 2015, HAFA short sales will be eligible for the relocation incentive for qualifying borrowers. This change has the potential to create great benefits to homeowners. They would still have the ability to get out of the mortgage obligation without being responsible for repayment of the difference. Also, they would receive a larger monetary relocation incentive increased from $3,000 to $10,000. Additionally, there is an increase to the 2nd lien holder, which will be upped to $8,500 in exchange for the release of lien and full release of borrowers liability. It is good news for short sales all around.