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Receive $5000 to $30,000 in a Short Sale from Bank of America?

At Doan Law, we have advocated short sales for all our clients intending on surrenduring their property.  We have identified 10 reasons for this which can be found on our website.

 

And now there is an 11th reason.  If your lender is Bank of American, you may qualify for $5000 to $30,000 in relocation assistance in conjunction with a short sale.

 

For more information on this, please contact us and we will put you in contact with our Short Sale Expert, Alan Shafran.

Here is the excert from Bank of America:

Short Sale Relocation Assistance Program:
Your clients could receive $5,000 to $30,000 in relocation assistance 

Your financially distressed clients want to avoid foreclosure. You want to help them. So do we!

That’s why Bank of America is excited to offer enhanced relocation assistance. Qualified homeowners who initiate a Preapproved Price Short Sale (without an offer) could be eligible to receive $5,000 – $30,000* in relocation assistance and owe no more on their mortgage with the sale of their property, depending on the investor involved.

Don’t miss this limited-time offer to get your distressed clients the help they need by initiating a Preapproved Price Short Sale today at agent.equator.com.

Determining your clients’ eligibility is easy:

Once you initiate the short sale at agent.equator.com, we will quickly evaluate the homeowner to determine if they qualify for the enhanced relocation assistance.

The homeowner must participate in one of the Preapproved Price Short Sale Programs, such as:

  • HAFA (Home Affordable Foreclosure Alternatives)
  • Bank of America’s Cooperative Short Sale Program

Specific investor participation and eligibility criteria do apply to these programs.

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.

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 1.877.459.2852
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 enhanced relocation assistance?
A:
No. Short sales initiated at the time an offer is received do not qualify for the enhanced relocation assistance funds.

Q: Is the enhanced relocation assistance eligible to non-owner-occupied properties?
A:
Yes, it is available to non-owner-occupied properties.

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 enhanced relocation assistance added to any other incentives, such as the HAFA or Bank of America Cooperative Short Sale Program incentives?
A:
The homeowner incentive will be inclusive of the $3,000 HAFA incentive. For example, if the homeowner is eligible for $5,000, then $3,000 will be from the HAFA funds and the remaining $2,000 will be from Bank of America homeowner incentive funds.

Click here to read the press release.

 

 

Short Sale Relocation Assistance Program:
Your       clients could receive $5,000 to $30,000 in       relocation assistance Your financially       distressed clients want to avoid foreclosure. You want to help them. So       do we!

That’s why Bank of       America is excited to offer enhanced relocation assistance. Qualified       homeowners who initiate a Preapproved Price Short Sale (without an offer)       could be eligible to receive $5,000 – $30,000* in relocation assistance and owe no more       on their mortgage with the sale of       their property, depending on the investor involved.

Don’t miss this       limited-time offer to get your distressed clients the help they need by       initiating a Preapproved Price Short Sale today at agent.equator.com.

Determining       your clients’ eligibility is easy:

Once       you initiate the short sale at agent.equator.com,       we will quickly evaluate the homeowner to determine if they qualify for       the enhanced relocation assistance.

The       homeowner must participate in one of the Preapproved Price Short Sale       Programs, such as:

  • HAFA (Home Affordable Foreclosure            Alternatives)
  • Bank of America’s            Cooperative Short Sale Program

Specific       investor participation and eligibility criteria do apply to these       programs.

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.

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 1.877.459.2852
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 enhanced relocation       assistance?
A:
No. Short sales initiated at the time an offer is received       do not qualify for the enhanced relocation assistance       funds.

Q: Is the enhanced       relocation assistance eligible to non-owner-occupied properties?
A:
Yes, it is available to non-owner-occupied properties.

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 enhanced       relocation assistance added to any other incentives, such as the HAFA or       Bank of America Cooperative Short Sale Program incentives?
A:
The homeowner incentive will be inclusive of the $3,000       HAFA incentive. For example, if the homeowner is eligible for $5,000,       then $3,000 will be from the HAFA funds and the remaining $2,000 will be       from Bank of America homeowner incentive funds.

Click       here to       read the press release.

* 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.

 

And now there is an 11th reason.  If your lender is Bank of American, you may qualify for $5000 to $30,000 in relocation assistance in conjunction with a short sale.

 

For more information on this, please contact us and we will put you in contact with our Short Sale Expert, Alan Shafran.