Posted by Chris On December 20
If you are reading this you are likely considering or have considered a short sale of real property in Florida. Over the last few years, our title company has orchestrated the closing of over 650 short sales. In the course of our work with sellers, realtors and lenders, we have heard many questions related to Florida short sales. In order to help you prepare for your short sale, I have memorialized the most frequently asked and pressing questions we have received from people just like you who must sell their property but who owe much more than the property is worth.
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Posted by Chris On December 6
Not sure if you are on Bank of America’s email list, but if you are not – I wanted to share with you this great news!
Here are some of the Frequently Asked Questions:
- How can I find out if my client/homeowner qualifies for this relocation assistance? Call a Bank of America short sale specialist at 1.877.459.2852, Monday-Friday 8 a.m. – 10 p.m.; Saturday 9 a.m. – 5:30 p.m. Eastern
- Do I have to do anything different to initiate or complete the short sale? No. If the homeowner’s short sale is initiated between Sept. 26 and Dec. 12, 2011, and the property closes by Aug. 31, 2012, the homeowner will be eligible.
- Will the relocation assistance funds be reported on the HUD-1? Yes, they will be documented on the HUD-1, and a 1099-MISC will be issued.
- Can the relocation assistance funds be used to pay off existing liens? Yes, if the investor approves it.
- Will this enhanced relocation assistance waive the homeowner’s deficiency? An additional benefit for these pre-offer programs, such as HAFA and Bank of America’s proprietary program, is that deficiency may be waived for homeowners who qualify.
- Is the relocation assistance added to any other incentives, such as HAFA or Bank of America proprietary program incentives? No. A homeowner will receive the $5,000 to $20,000 in place of the typical incentive paid out by these programs. The relocation assistance is essentially an enhancement to the standard payout offered on these programs.
- Is the enhanced relocation assistance available for other programs? The enhanced relocation assistance is currently available only to short sale programs initiated without an offer. However, as we gauge the success, we may extend this incentive to other programs.
If you have more questions on qualifying for this program. Please give us a call, we’d be happy to help!
-Chris Black
Attorney /Title Insurance
Winged Foot Title, LLC.
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