Bank of America is excited to offer enhanced relocation assistance. Qualified homeowners who initiate a Pre-approved Price Short Sale 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.
Once you initiate the short sale, BOA will evaluate the homeowner 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)
•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: How can I find out if my client qualifies for this limited time offer?
A: Contact us
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. 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 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 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 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 the homeowner is 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.
