B of A to offer up to $30,000 in relocation assistance.. True or False

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.

1^st.  Your Realtor must initiate a Short Sale without an offer.

2^nd  You 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.

There are a couple things you should know.

1^st The relocation funds will show up on the HUD (settlement statement) and a 1099C-misc will be issued.

2^nd The funds could be used to pay off existing loans or to help with relocation expenses.

3^rd The relocation assistance payment is calculated based on the appraised value of the homeowner’s property

4^th The short sale must close by September 26, 2013

5^th  If you do not comply with all terms and conditions of the Short Sale Agreement, you will not receive the relocation assistance payment.

6^th 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.