B of A to offer up to $30,000 in relocation assistance.. True or False
Well, actually a little bit of both. They are offering $2,500 to $30,000 in relocation assistance. However, there are a couple of criteria to determine if you are eligible and this is a limited time offer.
1st. Your Realtor must initiate a Short Sale without an offer.
There are a couple things you should know.
1st The relocation funds will show up on the HUD (settlement statement) and a 1099C-misc will be issued.
2nd The funds could be used to pay off existing loans or to help with relocation expenses.
3rd The relocation assistance payment is calculated based on the appraised value of the homeowner’s property
4th The short sale must close by September 26, 2013
5th If you do not comply with all terms and conditions of the Short Sale Agreement, you will not receive the relocation assistance payment.
6th This money may be taxable. So it is highly recommended that you contact the IRS or your tax preparer to determine if they have any tax liability.
If your home is upside down and you have a B of A loan, this might be worth looking into. But there is a lot of things that go into this program, so don't gets you hopes up about walking away with a $30,000 check.