Bank of America Short Sale in San Diego
As specialists in helping distressed homeowners get through hard times, we have developed a special relationship with Bank of America where we can expedite the notoriously long Loan Modification and Short Sale process. You will have a chance to meet with a Local Bank of America Representative to discuss alternatives to foreclosure. After a free, no obligation consultation, we can explore all the options together to decide if a Loan modification/Short Sale is right for your particular situation.
Bank of America Short Sale Relocation Assistance Program (limited-time Offer)
Our Newest Video: Bank of America Short Sale Relocation Assistance Program is expiring
(Latest news: Short Sale Relocation Assistance Program has been extended)
Bank of America has launched a nationwide program that offers delinquent mortgage customers increased assistance with relocation expenses – from $5,000 to $30,000 – at the completion of a qualifying short sale.
To qualify for the enhanced relocation assistance payments under the new program, the seller must work proactively with the bank to obtain a preapproved sales price prior to submitting a purchase offer to the bank. A short sale must close by April 30, 2014 to be eligible for the payment. Qualifying short sales that have already been started but have not closed may be eligible for the relocation assistance.
- HAFA (Home Affordable Foreclosure Alternatives)
- Bank of America’s Cooperative Short Sale Program.
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.
Frequently Asked Questions
Q: Do I have to do anything special when initiating or completing the short sale?
A: No. But act quickly, this is a limited-time offer that you won’t want to miss out on.
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 initiate at the time an offer is received do not qualify for the enhanced relocation assistance funds.
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.
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.
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 we gauge the success we may extend this incentive to other programs.
Review: Bank of America Short Sale Relocation Assistance Program
On August 22nd, 2012 we closed a short sale with Bank of America in El Cajon, CA with no deficiency.
The transaction moved along very smoothly. We initiated short sale on May 23rd. It took about 20 days to receive a short sale approval. We received a first offer only 4 days after I listed property on June 14th. Seller and I decided not to jump on it, waited about 10 days to have the most qualified offer… Read More>>>
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