Finance

Relocation Policy and Home Short Sales

Effective December 18, 2008, employees who are relo­cating now and in the future for a USPS^® position and with authorization for relocation residence transactions are hereby notified of the following:

If you owe more on your house than what it will sell for, you may have the option of working with your mortgage company to sell for less than the current mortgage, also known as a “short sale”.

The Postal Service™, through the relocation man­agement firm (RMF), will work with you while you attempt to obtain short sale approval from your lender. If you intend to seek short sale approval from your lender, you must:

• Inform USPS and seek approval through the reloca­tion deviation process.
• Keep your RMF consultant informed of what is occurring throughout the short sale process.

Please be aware that once you agree to a short sale, you are changing the terms of the original purchase. Under Postal Service policy, a short sale is considered a financial concession. There are only two reasons that you would not be eligible for a short sale:

• A foreclosure has already occurred, and your home is up for auction.
• You (the homeowner) file for bankruptcy (Note: This may also affect your participation in the home pur­chase program).

— Corporate Accounting,
Controller, 12-18-08