For those homeowners who are consider a Venice Short Sale it is important to know that you are getting the best deal available. One of the reasons Venice Short Sales have continued to grow in popularity is due to the increase in incentive programs for homeowners. Whether put on by your lender or a government entity, such as the FHA or Fannie Mae, these programs are in place to help homeowners get back on their feet once they complete their short sale.
Homeowners who have a mortgage that is both owned and serviced by the same lender will usually have the most to gain. Large national lenders, including Wells Fargo and Citi Bank, have been offering homeowners as much as thirty thousand dollars in incentives for completing Venice Short Sales. For Wells Fargo customers it is important to know whether you qualify for their co-op short sale program. This program for homeowners with a loan owned and serviced by Wells Fargo has awarded homeowners tens of thousands of dollars for completing their short sale. Some of the more common programs that Venice Short Sales will qualify for are those put on by the FHA or Fannie Mae. The government sponsored HAFA program is probably the most well known and applies to homeowners who have a mortgage owned by Fannie or Freddie. Venice Short Sales that qualify for HAFA will receive up to three thousand dollars in relocation assistance and also guarantee a deficiency waiver from your lender. After completing Venice Short Sales your lender by law has the right to sue you for the remaining balance on your mortgage. Through HAFA your lender must waive those rights to ensure you will be protected in the future from any civil suit. Venice Short Sales are already a great benefit to a homeowner and these programs are simply the cherry on top.
If you are considering a short sale make sure your agent has experience with these programs before handling your Venice Short Sales. These incentives will get you back on the path to recovery and looking forward to your next home even sooner than you thought.