Short sales...what options are out there?

Below I share some information on the most common short sale incentive programs that we have seen/heard of being offered recently:

Options available for short sale sellers:

HAFA: In this program, qualified households who participate in this program (which has both short sale and deed-in-lieu of foreclosure options) receive $3000 at closing. (Fannie Mae and Freddie Mac also participate in HAFA.)

Bank of America Cooperative Program: In this program, qualified households that participate in this short sale program will receive $2500 at closing.

Wachovia?Wells Fargo: They frequently send delinquent borrowers letters asking them to participate in a short sale and offering an incentive in the letter. Sellers should read their mail and save the letter so that they can redeem the incentive at closing (usually between three and five thousand dollars).

Litton: Litton Loan Servicing frequently sends delinquent borrowers letters asking them to participate in a short sale and offering an incentive in the letter. Sellers should read their mail and save the letter so that they can redeem the incentive at closing (usually between three and five thousand dollars).

Chase Bank (and Citi and SPS): Chase Bank is now sending certain delinquent borrowers letters offering them the option of participating in a short sale for a significant incentive (often between $20,000 and $40,000 dollars). Read the fine print on the offer and follow all of the rules in order to receive this incentive at closing.

While these are not all of the incentives available, they are some of the most common. And with the Mortgage Debt Forgivness act set to expire at the end of this year, now is a very good time to explore the short sale option.

Call me, confidentially, at 561.602.1258

Thanks for reading...Steve Jackson