Chicagoland Urban Residential Realty
The foreclosure moratoriums that were put into effect stemmed the tide however, it was only a temporary relief. That volume delayed last year is flowing through banks today. The impact of foreclosure delays and regulatory scrutiny will result in much longer foreclosure timelines thereby, increasing costs to homeowners. One alternative to foreclosure is a short sale.
Short Sale Relocation Assistance Program:
Homeowners, you could receive $2,500 to $30,000 in relocation assistance
Want to avoid foreclosure? So do we! Contact a CurAgent for help.
One of our Banks is excited to announce that for a limited time, they are offering enhanced relocation assistance payments in which qualified homeowners who initiate a short sale without an offer could be eligible to receive $2,500 - $30,000* in relocation assistance and owe no more on their mortgage with the sale of their property.
Don't miss this limited-time offer to get your home sold by initiating a preapproved price short sale today with a CurAgent
Determining eligibility is easy: Once Currealty initiate the short sale the homeowner will be evaluated for this offer quickly to determine if they qualify for the enhanced relocation assistance.
The homeowner must participate in one of the preapproved price short sale programs, such as HAFA (Home Affordable Foreclosure Alternatives) or the Bank's proprietary program.
Specific investor participation and eligibility criteria do apply to these programs.
Q: If a short sale is initiated with an offer, will it qualify for this relocation assistance?
The relocation assistance will be paid at closing.
Frequently Asked Questions:
Q: Can my mortgage be with any bank or must it be with a particular bank?
A: At this time only one of our mortgage Banks is participating in this program. Please contact us for the information. The more successful this program is the more banks may participate.
Q: Do I have to do anything special when initiating or completing the short sale?
A: No. But act quickly. This is a limited-time offer that you won't want to miss out on.
A: No. This relocation assistance is only available on preapproved price short sale programs. Short sales initiated at the time an offer is received do not qualify for the enhanced relocation assistance funds.
Q: Will the relocation assistance funds be reported on the HUD-1?
A: Yes, funds received at closing will be documented on the HUD-1, and a 1099-MISC will be issued.
Q: Can the relocation assistance funds be used to pay off existing liens?
A: Yes, the homeowner may use funds to pay off existing liens or to help with relocation expenses.
Q: Is the relocation assistance added to any other incentives, such as the HAFA or the Bank's proprietary program incentives?
A: The homeowner incentive will be inclusive of the $3,000 HAFA incentive. For example, if the homeowner is eligible for a $5,000 homeowner incentive, $3,000 will be from the HAFA incentive, and $2,000 will be from the homeowner incentive.
Q: Is the enhanced relocation assistance available for other programs?
A: Currently, the enhanced relocation assistance is only available to short sale programs initiated without an offer. However, as we gauge the success we may extend this incentive to other programs.
*The relocation assistance payment is calculated based on the appraised value of the homeowner's property. The total amount will be no less than $2,500, but no more than $30,000. The payment will be delivered at the time of closing if the homeowner complies with all terms and conditions of the Short Sale Agreement, which includes but are not limited to the following: a full walk-through appraisal must be completed and the homeowner must satisfy all junior liens and provide clear title for the property (the relocation assistance payment can be used to clear those liens). The short sale must close by September 26, 2013. If the homeowner does not comply with all terms and conditions of the Short Sale Agreement, they will not receive the relocation assistance payment. The amount of any deficiency and relocation assistance will be reported to the Internal Revenue Service (IRS) on the appropriate 1099 Form or Forms. We suggest that the homeowner contact the IRS or their tax preparer to determine if they have any tax liability.