Short Sale Update -- Bank of America Announcement

By
Real Estate Sales Representative with Team Olsewski


Short Sale Update
Limited Time Offer

Short Sale Relocation Assistance Program: You could receive $2,500 to $30,000 in relocation assistance 

You want to avoid foreclosure. I want to help. So does Bank of America! That's why Bank of America is excited to announce that for a limited time, we are offering enhanced relocation assistance payments in which qualified homeowners who initiate a short sale without an offer could be eligible to receive $2,500 - $30,000* in relocation assistance and owe no more on their mortgage with the sale of their property.

Don't miss this limited-time offer to get the help you need by getting started with a preapproved price short sale today. 

Determining your eligibility is easy:
·   Contact me to initiate the short sale with Bank of America. Then Bank of America will evaluate the homeowner for this offer quickly 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) or Bank of America's proprietary program. Specific investor participation and eligibility criteria do apply to these programs.


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 Team Olsewski short sale specialist at 951-506-5744 Monday - Friday 8 a.m. - 5 p.m.; Saturday 9 a.m. - 5 p.m. PST.
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 preapproved price short sale programs.  Short sales initiated at the time an offer is received do not qualify for the enhanced relocation assistance funds. So contact us so we can submit directly to B of A.

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. Contact us for a full explanation of the short sale process

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. Contact us for an explanation of the HAFA program.

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 Bank of America gauges the success they may extend this incentive to other programs.

Questions? 
Call a Team Olsewski short sale specialist (951) 506-5744 about this exciting limited-time preapproved price short sale program offering.

Not sure whether a short sale is right for you?

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