If you have received a letter or email from Bank of America, Chase or Well Fargo offering you an incentive to perform a short sale, then chances are that you are eligible for the offer and you will receive at least $5,000 in relocation assistance.
The following is the email recently sent out by Bank of America to Florida homeowners regarding the short sale incentive offer:
Florida Agents, Homeowners:
Florida Enhanced Short
Sale Relocation Assistance
Florida homeowners may
receive $5,000 to $20,000 in relocation assistance
Bank of America encourages distressed homeowners to explore a short sale as a
viable option for avoiding foreclosure. To that end, for a limited time we are
offering enhanced relocation assistance to help motivate homeowners to engage
with us on a pre-offer short sale. An additional benefit for these pre-offer
programs – such as the Home Affordable Foreclosure Alternatives (HAFA) and Bank
of America’s proprietary program – is that deficiency may be waived for the
homeowner.
Eligibility:
• Homeowners with property in Florida
• Short sales initiated without an offer between September 26 and November 30
• The customer will have to be eligible for one of the without offer programs
such as the HAFA program or our proprietary program (specific investor
participation and eligibility criteria do apply to these programs)
• Successful closing of the eligible short sale by August 31, 2012
• Minimum relocation assistance is $5,000 and maximum is $20,000, with the
specific amount calculated based on the unpaid principal balance
Exclusions:
• Ginnie Mae, FHA, VA and USDA loans are ineligible for participation
• Lot loans are ineligible for participation
• Properties outside the state of Florida are ineligible for participation
• Short sales initiated with an offer are not currently eligible for the
enhanced relocation assistance
Frequently Asked Questions:
Q: How can I find out if my client/homeowner qualifies for this relocation
assistance?
A: Call a Bank of America short sale specialist at 954-439-1442.
Monday – Friday 8 a.m. – 10 p.m.; Saturday 9 a.m. – 5:30 p.m. Eastern
Q: Do I have to do
anything differently when initiating or completing the short sale?
A: No. As long as the homeowner’s short sale is initiated between September 26
and November 30,
2011, and the property closes by August 31, 2012, they will be
eligible.
Q: Will the relocation assistance funds be reported on the HUD-1?
A: Yes, they 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, if the investor approves it.
Q: Is the relocation
assistance added to any other incentives, such as the HAFA or Bank of America
proprietary program incentives?
A: No. A homeowner will receive the $5,000 to $20,000 in place of the typical
incentive paid out by these programs. The relocation assistance is essentially
an enhancement to the standard payout offered on these programs.
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.
Questions?
Homeowners and agents may call 954-439-1442 to speak to a Bank of America short sale
specialist about this exciting relocation assistance offering.
Visit the Agent Resource Center at http://www.timcashnow.com/I_Buy_Houses/page_2271566.html for
additional short sale education, news and resources to help you complete short
sales at Bank of America.
* The relocation
assistance payment is calculated based on the unpaid principal balance of the
homeowner’s loan and the type of short sale that the homeowner completes, but
will not be less than $5,000 or more than $20,000. The payment amount will be
calculated based on the homeowner’s loan balance as of August 2011 and the
short sale program in which the homeowner is eligible. The payment will be
delivered at the time of closing if the homeowner complies with all terms and
conditions of the Short Sale Agreement, including the satisfaction of all
second liens and presentation of clear title for the property (the relocation
assistance payment can be used to clear those liens). If the homeowner does not
comply with all terms and conditions of the Short Sale Agreement, the homeowner
will not receive the relocation assistance payment. Even if the homeowner
receives relocation assistance, Bank of America, N.A., and their successors and
assigns may reserve and retain the right to pursue collection of any deficiency
following the completion of the short sale, unless otherwise prohibited by law.
The amount of the deficiency and relocation assistance will be reported to the
Internal Revenue Service (IRS) on the appropriate 1099 Form or Forms. We
suggest that homeowners contact the IRS or their tax preparer to determine if
they have any tax liability. This offer is for Florida properties only. To
receive the relocation assistance, the property must close by August 31, 2012.
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