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Second Mortgage Denies Relocation Money
A few things come as top priorities for struggling borrowers who need to complete a short sale: relocation money, time, tax ramifications, deficiency judgments, and credit impact. For struggling homeowners relocation money is often one of the critical points of moving forward with a short sale transaction as if they have no funds, where are they supposed to move? Relocation incentives are often a fee paid out by the 1st mortgage through one of their potential programs. Second Mortgages do not always participate in these programs.
For example, if a first mortgage is a full payoff and only the subordinate mortgage is being shorted, relocation many times will not be granted as a second mortgage denies relocation money often. Also, at times some 2nd mortgages will deny moving forward if relocation is given out as they feel they should receive the funds instead or at the very least, the borrower shouldn’t receive assistance. There is no easy answer to who will give or participate in relocation funds when it comes to the servicers, but it is always worth asking as you never know if it will granted.
If you need sale sale help or have questions, please fill out the form below or call 1-800-692-9960 and a specialist will be in touch with you shortly.