Wednesday, May 16, 2012
Bank of America is excited to announce that for a limited time, they are offering enhanced relocation assistance payments in which qualified homeowners who initiate a short sale without an offer could be eligible to receive $2,500 - $30,000* in relocation assistance and owe no more on their mortgage with the sale of their property. The homeowner must participate in one of the preapproved price short sale programs, such as HAFA (Home Affordable Foreclosure Alternatives) or Bank of America's proprietary program. Specific investor participation and eligibility criteria do apply to these programs. If you are in an active short sale with Bank of America now, please ask you agent if you are eligible. Frequently Asked Questions: Q: How can I find out if I qualify for this limited time offer? A:Call a Bank of America short sale specialist at 1.866.880.1232 Monday - Friday 8 a.m. - 10 p.m.; Saturday 9 a.m. - 5:30 p.m. Eastern. Q: Do I have to do anything special? A: No. But act quickly this is a limited-time offer that you won't want to miss out on. Call an Realtor experienced in short sales with Bank of America in your area NOW!! Q: If a short sale is initiated with an offer, will it qualify for this relocation assistance? A: No. This relocation assistance is only available on preapproved price short sale programs. Short sales initiated at the time an offer is received do not qualify for the enhanced relocation assistance funds. Q: Can the relocation assistance funds be used to pay off existing liens? A: Yes, the homeowner may use funds to pay off existing liens or to help with relocation expenses. Q: Is the relocation assistance added to any other incentives, such as the HAFA or Bank of America proprietary program incentives? A: The homeowner incentive will be inclusive of the $3,000 HAFA incentive. For example, if the homeowner is eligible for a $5,000 homeowner incentive, $3,000 will be from the HAFA incentive, and $2,000 will be from the homeowner incentive. Q: Is the enhanced relocation assistance available for other programs? A: Currently, the enhanced relocation assistance is only available to short sale programs initiated without an offer. However, as we evaluate the success we may extend this incentive to other programs. Questions? Homeowners and agents may call 1.866.880.1232to speak to a Bank of America short sale specialist about this exciting limited-time preapproved price short sale program offering. If you are in the Central Ohio Area and you think this program might help you call ME today!! I am a CDPE and SFR agent able to assist you with your Bank of America short sale!!! *The relocation assistance payment is calculated based on the appraised value of the homeowner's property. The total amount will be no less than $2,500, but no more than $30,000. The payment will be delivered at the time of closing if the homeowner complies with all terms and conditions of the Short Sale Agreement, which includes but are not limited to the following: a full walk-through appraisal must be completed and the homeowner must satisfy all junior liens and provide clear title for the property (the relocation assistance payment can be used to clear those liens). The short sale must close by September 26, 2013. If the homeowner does not comply with all terms and conditions of the Short Sale Agreement, they will not receive the relocation assistance payment. The amount of any deficiency and relocation assistance will be reported to the Internal Revenue Service (IRS) on the appropriate 1099 Form or Forms. We suggest that the homeowner contact the IRS or their tax preparer to determine if they have any tax liability.