BANK OF AMERICA SHORT SALE RELOCATION ASSISTANCE PROGRAM - BofA LOAN
Do you have a Bank of America loan/mortgage on your home but need to relocate?
You could receive $5,000 to $30,000* in relocation assistance!
If you're financially distressed and want to avoid foreclosure, we want to help you, and so does BofA! That's why we, along with Bank of America, are excited to offer BofA's enhanced relocation assistance.
Qualified homeowners who initiate a Preapproved Price Short Sale (without an offer) could be eligible to receive $5,000 - $30,000* in relocation assistance and owe no more on your mortgage with the sale of the property, depending on the back-end investor involved. Don't miss this limited-time offer to get the help you need by getting a Preapproved Price Short Sale today.
Determining your eligibility is easy: Once we initiate your short sale with Bank of America, they will quickly evaluate you, the homeowner, to determine if you qualify for the enhanced relocation assistance.
You must participate in one of the Preapproved Price Short Sale Programs, such as:
Specific investor participation and eligibility criteria do apply to these programs. Homeowners not meeting eligibility requirements for the enhanced relocation incentive may still qualify to receive $2,500 - $3,000 in relocation assistance from government- and bank-sponsored programs.
Here are Some Frequently Asked Questions:
Q: How can I find out if I qualify for this limited time offer?
A: Call a Bank of America short sale specialist at (888) 9-List-It. That's (888) 954-7848
Q: Do I have to do anything special when applying for the short sale?
A: No. But act quickly by initiating the short sale. This is a limited-time offer that you won't want to miss out on.
Q: If a short sale is started with an offer, will it qualify for this enhanced relocation assistance?
A: No. Short sales initiated at the time an offer is received do not qualify for the enhanced relocation assistance funds.
Q: Is the enhanced relocation assistance eligible to non-owner-occupied properties?
A: Yes, it is available to non-owner-occupied properties.
Q: Will the relocation assistance funds be reported on my income tax filings?
A: Yes, funds received at closing will be documented by BofA and reported to the IRS, and a 1099-MISC will be issued.
Q: Can the relocation assistance funds be used to pay off existing liens?
A: Yes, you may use funds to pay off existing liens or to help with relocation expenses.
Q: Is the enhanced relocation assistance added to any other incentives, such as the HAFA or Bank of America Cooperative Short Sale Program incentives?
A: The homeowner incentive will be inclusive of the $3,000 HAFA incentive. For example, if you are eligible for $5,000, then $3,000 will be from the HAFA funds and the remaining $2,000 will be from Bank of America homeowner incentive funds.
* The relocation assistance payment is calculated based on the appraised value of the homeowner's property. The total amount will be no less than $5,000, 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 include 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 Sept. 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.
So call us and let's get started: (888) 9 List-It. That's (888) 954-7848.
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