Bank of America Short Sale Relocation Assistance Program
Bank of America has launched a nationwide program that offers delinquent mortgage customers increased assistance with relocation expenses – from $5,000 to $30,000 – at the completion of a qualifying short sale.
To qualify for the enhanced relocation assistance payments under the new program, the seller must work proactively with the bank to obtain a preapproved sales price prior to submitting a purchase offer to the bank. A short sale must close by Sept. 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.
The homeowner must participate in one of the Preapproved Price Short Sale Programs, such as:
Homeowners not meeting eligibility requirements for the enhanced relocation incentive may still qualify to receive $2,500 – $3,000 in relocation assistance from government- and bank-sponsored programs.
Review: Bank of America Short Sale Relocation Assistance Program
On August 22nd, 2012 we closed a short sale with Bank of America in El Cajon, CA with no deficiency.
The transaction moved along very smoothly. We initiated short sale on May 23rd. It took about 20 days to receive a short sale approval. We received a first offer only 4 days after I listed property on June 14th. Seller and I decided not to jump on it, waited about 10 days to have the most qualified offer...Read More>>>
Frequently Asked Questions:
Q: How can I find out if my client qualifies 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 when initiating or completing the short sale?
A: No. But act quickly by initiating the short sale at agent.equator.com. This is a limited-time offer that your clients won’t want to miss out on.
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: Will the relocation assistance funds be reported on the HUD-1?
A: Yes, funds received at closing will be documented on the HUD-1, and a 1099-MISC will be issued.
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 gauge the success we may extend this incentive to other programs.