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Monthly Archives: May 2012

BofA 2,500 to 30k in short sale relocation funds

Short Sale Relocation Assistance Program:
Bank of America to offer $2,500 to $30,000 in relocation assistance
 If you currently have a Bank of America mortgage and would like to short sale your home to avoid foreclosure, you may received relocation funds.Bank of America has announced that for a limited time, they are offering enhanced relocation assistance payments in which qualified homeowners who initiate a short sale without an offer could be eligible to receive $2,500 – $30,000* in relocation assistance and owe no more on their mortgagewith the sale of their property. Don’t miss this limited-time offer to get help with your distressed property by initiating a preapproved price short sale today.  Contact  Rain Silverhawk rain@sandpointrealty.com for more information. 

Determining eligibility is easy:

  • Once I initiate the short sale.  Bof A will evaluate the homeowner for this offer quickly to determine if they qualify for the enhanced relocation assistance.
  • The homeowner 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. Specific investor participation and eligibility criteria do apply to these programs.

Have an active preapproved price short sale? Don’t worry.

Bank of America is reviewing all current, in-process preapproved price short sale agreements to determine who is eligible for this limited-time offer.  Eligible homeowners actively participating in a preapproved price short sale program (such as HAFA or Bank of America’s proprietary program) will receive a letter if they qualify for the additional relocation assistance.  The relocation assistance will be paid at closing.

Frequently Asked Questions:

QQ: 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.
Questions? 

Homeowners  may call 1-208-610-0011 to speak to Rain Silverhawk  about this exciting limited-time preapproved price short sale program offering.

 

*The relocation assistance payment is calculated based on the appraised value of the homeowner’s property. The total amount will be no less than $2,500, 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 includes 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 September 26, 2013.

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