Homeowners, avoid foreclosure! Bank of America is excited to offer 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 their mortgage with the sale of their property, depending on the investor involved.
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.
- 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 the HUD-1?
- A: Yes, funds received at closing will be documented on the HUD-1, and a 1099-MISC will be issued.
The amount of assistance provided under the new program will be determined on a case-by-case basis using a calculation that includes the value of the home, amount owed and other considerations.
Customers who believe they may be eligible for Bank of America’s short sale relocation assistance program may contact Poncie’s Trusted Team at 209-380-7748 oe email: TrustedLatino@aol.com
*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 be initiated by the end of this year and close by September 26, 2013, 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.
**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.