Southwest Florida Title Insurance & Real Estate Blog -

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:

  1. 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
  2. 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.
  3. 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.
  4. Can the relocation assistance funds be used to pay off existing liens? Yes, if the investor approves it.
  5. 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.
  6. 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.
  7. 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.

Be sure to follow me, Chris Black at Winged Foot Title online at:

 

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NOT LEGAL ADVICE: This information is not to be construed as legal advice. Legal advice must be tailored to the specific circumstances of each case. Every effort has been made to assure that this information is up-to-date as of the date of publication. It is not intended to be a full and exhaustive explanation of the law in any area. This information is not intended as legal advice and may not be used as legal advice. It should not be used to replace the advice of your own legal counsel.

Winged Foot Tite, LLC is not associated with the government, and our [short sale orchestration] service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.