HAFA Relocation Incentive Denied

It is important to know that just because a short sale is going through HAFA that does not guarantee that the borrower(s) will be eligible for the relocation incentive of up to $3,000. Typically the main reason why a borrower would not receive a relocation incentive if approved through HAFA is if they are not occupying the property.There will be documents required to be completed which will request the status of the occupancy of the property. If a property is vacant relocation incentive likely will not be given. If a tenant occupies the property and this is disclosed the tenant may be eligible to receive the relocation incentive.

How Would The Bank Know If The Property Was Vacant?

When going through  a short sale the banks typically will order a Brokers Price Opinion or an Appraisal to be completed on the property. During the representatives valuation of the property they will report back the status of the property and if it appears to be vacant.

It’s important to remember that just because a transaction is being ran through HAFA this does not mean the seller is  guaranteed a cash relocation incentive.

For assistance in processing short sales or if you have any questions, please fill out the form below.

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