Bank of America gives Cash Back for Short Sales
Due to the considerably high numbers of homeowners becoming victim to foreclosure Bank of America has decided to throw out a little incentive to choose short sale as an option. It only makes sense that they would help their loyal customers in a time of confusion to direct them in a useful alternative. With the given terms and conditions you may qualify to receive up to $20,000 cash back for short sales.
Additionally, relocation assistance is offered to help further persuade the pre-offer short sales. Relocation assistance reward is determined on what the unpaid principal balance of the mortgage as well as the short sale that was selected and must be completed. The range of price is anywhere from $5k to $20k. The ending sum will be further determined by the remaining balance as of August 2011 and this is to include the additional programs from the short sale in which the homeowner qualifies. The cash incentive will not be received if the terms and conditions are not adequately followed. Once the cash incentive is calculated it will be rewarded at the time of the closing. Clear title for the home and the satisfaction of the second liens are included in the determination. You may use your payment to clear these liens. These incentives are just an addition to the already large benefits of short sales. But thanks to Bank of America you can get cash back for short sales.
If that isn’t enough you may qualify for other programs. These pre-offer programs include (HAFA) Home Affordable 
Foreclosure Alternatives. With programs the deficiency on the loan may be waived. Interested? Who wouldn’t be! Check below to see if you qualify.
Qualifications:
· Must be in the beginning stages of a short sale
· Short sale must be without an offer between the end of September and late November
· The close of the short sale must be by the end of August 2012
· The Homeowner must have qualified for one of the additional programs
· Home must be within the state of Florida
Not Included:
· Lot loans
· USDA loans
· VA loans
· FHA loans
· Ginnie Mae loans
· Short sales with an offer will not gain eligibility for relocation assist
Q&A’s:
Q Is there anything additional that I need to do when in the beginning and ending stages of a short sale?
A: No, as long as everything for mentioned above is within the time frames and boundaries.
Q: How do I find out if I qualify for the relocation assistance?
A: Contact a short sale specialist 1-877-737-4903. Hours are Monday-Friday 8:30 a.m. - 9:00 p.m. Eastern Standard Time
Q: Are the relocation assistance funds going to be documented?
A: Yes. On the HUD-1 settlement statement at closing
Q: Can the relocation assistance be used to pay off liens?
A: As long as the investor approves.
Have unanswered questions about the incentives on short sales?
Call 1-877-737-4903 to be connected to a local short sale specialist.
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