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$3,000 Relocation Assistance For Homeowner

When HAFA successfully closes a short sale or a deed-in-lieu, the program provides for $1,500 in relocation assistance to be given to the borrower. In the case of a short sale, the money comes out of the property sale proceeds. When a deed-in-lieu is completed, the servicer provides the funds.

Normally, the title company will add this amount to the HUD-1 statement before closing. They will then give a check to the borrower at the same time that all other payments are disbursed at closing.

In the case of a deed-in-lieu where there was no formal closing and the borrower has vacated the property, the loan servicer must mail the check to the borrower within five days of signing the paperwork.

Whether there was a closing or not, if the borrower has not vacated the property before the execution of the short sale or deed-in-lieu, the servicer or the title company must mail the check to the borrower within five days of the date they move and deliver the keys to the property to the servicer or the servicer’s agent.

HAFA will reimburse loan servicers for this amount after the transaction has been properly reported.

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