Can I Receive Relocation Fees?

Can I Receive Relocation Fees?

How much are the incentive payments?

  • $3,000 for borrower relocation assistance                                                                           
  • $1,500 for servicers to cover administrative and processing costs                                            
  • Up to $2,000 for investors who allow a total of up to $6,000 in short sale proceeds to be distributed to subordinate lien holders, on a one-for-three matching basis.
  •  What are the steps for evaluating a loan to see if it is a candidate for HAFA?
  • Borrower applies for HAFA.                                                                                                       
  • Assess expected recovery through foreclosure and disposition compared to a HAFA short sale, Deed-In-Lieu or Foreclosure.
  • Use of borrower financial information from HAMP. (May require updates or documentation.)
  • Property valuation                                                                                                                
  • Review of title.       
  • Homeowner/borrower notice if short sale or Deed-In-Lieu not available (to borrowers that have expressed interest in HAFA).