Wells Fargo says it has been making “enhanced financial relocation assistance offers” that can be as much as $10,000 or $20,000 to certain borrowers who meet undisclosed criteria who choose to go through with a short sale or transfer the title back to Wells via a deed-in-lieu.
This extra incentive is being offered to distressed borrowers in Florida and other states where the foreclosure process is lengthening, a spokesperson for Wells Fargo explained. The exact amount of the relocation funds provided to individual borrowers varies based on a number of factors, the company says.
Wells Fargo noted that this type of additional relocation assistance is only available on first-lien loans that the company itself owns – which represent only about 20 percent of the loans Wells Fargo services.
Chase is also offering a range of incentives to borrowers that agree to a pre-foreclosure sale “because if we can’t work out a modification, a short sale is a better result for the borrower, the servicer, the investor, and the neighborhood than a foreclosure,” the company said in a statement.
Chase says the amount of the offer “depends on a number of factors” but declined to share specific details on how much money it’s been providing to short sellers.
Citi has confirmed that it is offering incentives up to $12,000 for borrowers in cases where Citi owns the loan.
BofA says it is “committed to improving the short sale process” and has made procedural changes to cut some of the red tape for agents working with the bank on pre-foreclosure sales. They now allow real estate agents to submit a backup offer on a transaction if the original buyer has walked away from the sale.
This means that agents no longer have to initiate a brand new short sale if the buyer changes, Bank of America explained. Instead, agents can move ahead with the original transaction and continue to work with the same short sale specialist without having to resubmit all of the same documents and start from scratch.
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