Limited Time Offer
May 15, 2012
Bank of America has announced that for a limited time, they 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.
Determining you’re your eligibility is easy:
First you must select a local experienced short sale specialist that is familiar with Bank of America's Agent Equator short sale system. Once your selected agent has initiated the short sale at agent.equator.com we'll evaluate your information for the program quickly to determine if you qualify for the enhanced relocation assistance.
Each qualified 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 (Cooperative Short Sale). Specific investor participation and eligibility criteria do apply to these programs.
If you already 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.
*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. Homeowners and agents may call 1.866.880.1232 to speak to a Bank of America short sale specialist about this exciting limited-time preapproved price short sale program offering.
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