Bank of America Short Sales – Relocation Assistance could be available from $5,000 to $30,000*
Bank of America has announced that their financially distressed clients wanting to avoid foreclosure and seeking a possible short sale alternative may be eligible for relocation assistance from $5,000 up to $30,000*
This is a limited-time offer. A Pre-approved Price short sale is needed and must be initiated.
(Contact an agent for full details)
A short sale must be initiated by the end of this year and close by September 26, 2013, to be eligible for the payment. Qualifying short sales that have already been started but have not closed may be eligible for the relocation assistance.
One of our agents will need to initiate a short sale with Bank of America to get the process started. BofA will quickly evaluate the homeowner to determine if they qualify for the enhanced relocation assistance.
Per Bank of America, the homeowner must participate in one of the Pre-approved Price Short Sale Programs*, such as:
- HAFA (Home Affordable Foreclosure Alternatives)
- Bank of America’s Cooperative Short Sale Program
The amount of assistance provided under the new program will be determined on a case-by-case basis using a calculation that includes the value of the home, amount owed and other considerations. To help homeowners understand the short sale process and other foreclosure avoidance programs, Bank of America encourages them to visit the Home Transition Services website at www.bankofamerica.com/hometransition.
*Specific investor participation & eligibility criteria apply.
Homeowners not meeting eligibility requirements for the enhanced relocation, may still qualify to receive $2,500 to $3,000 in relocation assistance from government and bank sponsored programs.
Read Bank of America’s Press Release Here.
* The relocation assistance payment is calculated based on the appraised value of the homeowner’s property. The total amount will be no less than $5,000, 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 include 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 Sept. 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.
Disclaimer: All information deemed reliable but not guaranteed. Information should be verified by visiting the Bank of America website directly.