Bank of America’s Short Sale Relocation Assistance Program: Distressed Homeowner’s could receive $2,500 to $30,000 in relocation assistance
Financially distressed homeowners want to avoid foreclosure… and The Opland Group and Bank of America want to help them!
To this end 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 Bank of America short sale without an offer could be eligible to receive $2,500 – $30,000* in relocation assistance and receive a full release (full deficiency release and owe no more on their mortgage) with the sale of their property. (more information on short sales)
Don’t miss this limited-time offer to get the help you need by contacting us to discuss this program and to assist you in initiating a preapproved (price) short sale today!
Determining your eligibility is easy:
- Once we initiate the short sale with Bank of America they will evaluate the homeowner to determine their eligibility for this offer and to quickly 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) or Bank of America’s proprietary program. Specific investor participation and eligibility criteria do apply to these programs.
Have an active preapproved price short sale? Don’t worry.
Bank of America is reviewing all current, in-process preapproved price short sale agreements to determine who is eligible for this limited-time offer. Eligible homeowners actively participating in a preapproved price short sale program (such as HAFA or Bank of America’s proprietary program) will receive a letter if they qualify for the additional relocation assistance. The relocation assistance will be paid at closing.
Frequently Asked Questions:
Q: How can I find out if I qualify for this limited time offer?
A: Call a Jason Opland and The Opland Group at 614.332.6984 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. This is a limited-time offer that you 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 Bank of America 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, Bank of America gauges the success of the program they may extend this incentive to other programs.
Homeowners and may call 614.332.6984 to speak to a Bank of America approved short sale specialist about this exciting limited-time preapproved price short sale program offering.
*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.