Short Sale Assistance Money
If your financially distressed California clients can no longer afford their homes and are pursuing a short sale or a deed-in-lieu of foreclosure, they may be eligible for financial help with their relocation to alternative housing.
The funds come from the Transition Assistance Program (TAP), part of the Keep Your Home California Program.
The state of California is providing up to $5,000 in transition assistance to qualified homeowners who can no longer afford to stay in their homes. You can help by advising your distressed clients that they must:
- Apply for the funds through their state’s website or by calling 1.888.954.5337.
- Maintain their property until their house is sold or returned to the lender via a negotiated deed in lieu of foreclosure.
For qualified homeowners, these state funds may be used in addition to any other transition assistance that the homeowner may receive by participating in the Federal Home Affordable Foreclosure Alternatives (HAFA) program or in any other pre-offer short sale program.
To learn more about the Transition Assistance Program’s guidelines, and how your clients may qualify, please visit that program’s website at http://keepyourhomecalifornia.org.
Over the last few years, California short sale sellers and short sale sellers across the nation have benefitted from a number of short sale incentive programs which paid up to $40,000 to certain qualifying short sale sellers that agreed to sell their home as a short sale as opposed to allow it to go into foreclosure.
There have been so many changes to the distressed property market, but California’s TAP and the U.S. Treasury HAFA programs are still available to qualifying borrowers. These programs make the sale of one’s home as a short sale a lot more palatable.
When speaking with short sale clients, don’t forget to let them know that there may be money available. As your short sale processor, Short Sale Expeditor® will work with your lender to try and make that happen and also, of course, to get your short sale closed quickly and efficiently.