Bank of America Now Offers Up to $30,000 in Relocation Assistance

By
Real Estate Broker/Owner with Broadpoint Properties Cal BRE #01324959

bank of america short saleThat’s right folks. Bank of America is now among the ranks of lenders offering additional relocation assistance money to certain short sale sellers. In addition to programs such as HAFA or other short sale incentive programs offered by other lending institutions, Bank of America announced last week that they are now offering certain short sale sellers up to $30,000 in short sale incentive money. Many of those that are eligible will receive a letter in the mail advising them about the program and yes, the letter does state that a 1099 will be issued to each short sale seller who receives relocation assistance.

Here are the FAQs (courtesy of our folks at Bank of America):

Q: How can I find out if my client qualifies for this limited time offer?

A: Call a Bank of America short sale specialist at 1.866.880.1232

 

Q: Do I have to do anything special when initiating or completing the short sale?

A: No. But act quickly by initiating the short sale into the Equator system.  This is a limited-time offer that your clients 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 initiated 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.


 

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Ambassador
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Doug Rogers
Bayou Properties Realty - Pineville, LA
Your Pineville Louisiana Agent

Wow, that seems generous. Hope the program helps some struggling people out!

May 25, 2012 03:47 PM #1
Rainmaker
1,212,500
Elizabeth Weintraub Sacramento Real Estate Agent, Top 1% of Lyon Agents
Lyon Real Estate - Sacramento, CA
Put 40 years of experience to work for you

One of the new changes initiated by Bank of America, according to the webinar on this program a few days ago, is now short sale agents can initiate the short sale for the Cooperative program in Equator without making the seller call in. You just get the TPA filled out and you can upload it yourself. I know it works because I just did it for a seller in Sacramento. Of course, after you initiate and upload, they still make the seller call to reject HAFA. Some things never change.

May 25, 2012 04:11 PM #2
Rainmaker
860,266
Steve Loynd
Alpine Lakes Real Estate Inc., - Lincoln, NH
800-926-5653, White Mountains NH

Melissa.

thanks for the updated info...it looks like some of the so called shadow inventory is about to surface - so your timing is right. I have been following some of this as an equator rep.

May 25, 2012 07:44 PM #3
Rainmaker
889,205
Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

As usual you teach us so much about the short sale process.  This is all great information. Thanks, Melissa.

May 25, 2012 09:30 PM #4
Rainmaker
233,579
David Grbich
Ventana Coastal Properties - www.FindCARealEstate.com - San Juan Capistrano, CA
Orange County Real Estate - 949-500-0484

Thanks for the thorough overview of the B of A incentive program - great opportunity for short sellers w a B of A loan.

May 26, 2012 06:06 AM #5
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Melissa Zavala

Broker, Escondido Real Estate, San Diego County
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