3 WAYS TO USE YOUR SHORT SALE RELOCATION ASSISTANCE PAYMENT

If you qualify for a short sale under the HAFA program, you are eligible for a $3000 one-time “Borrower Relocation Assistance” payment from the government. Your primary lender may also sweeten the deal with an additional incentive to facilitate your ability to move out (leaving the property in good condition, of course). Relocation assistance isn’t just for covering rent on an apartment or hiring a moving van. Here are 3 other ways this sum could ease your transition:

· Satisfy the IRS. You may need to take care of unpaid property or income taxes. Otherwise, buyers may not want to purchase the home since the title isn’t clear.

· Resolve other “non-institutional” liens. If there is any lender or agency that may have a lien on your home, the outstanding balance needs to be paid. This includes back child support or even old credit card debt that has resulted in an “abstract of judgment”.

· Pay your outstanding utility bills. You probably won’t be able to get another home loan for a couple of years. But you will need to live somewhere. Odds are you high that will want electricity and running water. This means you need to have your utility payment record in good standing.