Did you know that people whose mortgage is more than 31% of their gross income may qualify for up to a $3000 relocation assistance and the lenders are to be incintivized to deal with a $1,000 financial incentive as well as a new short sale streamline process?
If lenders participate, they WAIVE their right to deficiency judgment â€“ you walk from the loan debt free!!!
- Provides up to $3,000 for the borrowerâ€™s relocation
- Provides for $1,000 lender servicing bonus
- Provides borrower to receive pre approved short sale terms prior to the property listing
- Uses standard forms and time frames to streamline the process
- Caps claims of subordinate lenders (up to 6 cents on the dollar up to $100,000, or about a $6,000 payoff)
Do I qualify?
- Must have principle residence (subject ot 90 day allowance in case borrower moved for new job)
- Must be the first lien and less than $729,750
- Monthly mortgage payments must exceed 31% of borrowerâ€™s gross income
- Mortgage is not owned or guaranteed by Fannie Mae or Freddie Mac
Wamu, BOA, Wachotovia, Wells, GMAC, etcâ€¦