When a property securing the mortgage loan is the borrower’s principal residence at the time of the Evaluation Notice, the borrower is entitled to an incentive payment of $3,000 from Fannie Mae to assist with relocation expenses following the successful completion of a Fannie Mae Mortgage Release unless one of the following apply:
- the borrower is required to contribute cash ,even if the borrower fails to contribute; or
- Note: If the servicer believes relocation assistance is warranted despite the borrower’s failure to contribute, the servicer must submit its relocation assistance recommendation to Fannie Mae for prior written approval.
- the borrower has PCS orders and receives a DLA or other government relocation assistance.
- Note: If government relocation assistance is not provided to a borrower with PCS orders, the servicer must submit its relocation assistance recommendation to Fannie Mae for prior written approval.
For more information see Servicing Guide D2-3.3-02, Fannie Mae Mortgage Release (Deed-in-Lieu of Foreclosure)