Bank of America offering Underwater homeowners up to $30,000 to short sale

Bank of America Increases Relocation Assistance Payments to Customers Completing Preapproved Price Short Sales

Short Sales Provide Alternative to Foreclosure for Delinquent Borrowers Who Have Exhausted or Declined Home Retention Solutions

 

SCOTTSDALE, Arizona. – Adding to its foreclosure prevention initiatives, Bank of America has launched a nationwide program that offers delinquent mortgage customers increased assistance with relocation expenses – between $2,500 and $30,000 – at the completion of a qualifying short sale.

 

“Bank of America is committed to providing alternatives to foreclosure whenever possible,” said Bob Hora, home transition services executive for Bank of America. “This program can help customers make a planned transition from ownership when home retention options have been exhausted or they have made a decision not to keep the home.”

 

The short sale relocation assistance program builds on the bank’s already robust short sale initiatives, which led to 200,000 completed short sales in the last two years and another 30,000 in the first quarter of 2012. This program is based on a similar incentive offer that Bank of America tested in Florida last year.

 

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 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.

 

Initially, the program will be offered on mortgages that are owned and serviced by Bank of America.

 

While available nationally, Bank of America anticipates greatest response to the program will come from borrowers in California, Nevada, Arizona, Florida and other states hardest hit by the economic downturn and falling property values.

 

Customers who believe they may be eligible for Bank of America’s short sale relocation assistance program may contact program specialists at 623.252.3234.

 

To help homeowners understand the short sale process and other foreclosure avoidance programs, we encourage you to visit the Home Transition Services website at: Arizona Bank of America Short Sales for Money.

 

 

 


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Bank of America Short Sale Relocation Assistance Program Offers Up To $30,000 For Underwater Homeowners

Bank of America Short Sale Relocation Assistance Program.

You could receive $2,500 to $30,000 in relocation assistance!!!

Your financially distressed clients want to avoid foreclosure. You want to help them. So do we!

That’s why Bank of America is excited to announce that for a limited time, we 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 mortgage with the sale of their property.

Don’t miss this limited-time offer to get your distressed clients the help they need by initiating a preapproved price short sale today at agent.equator.com.

Determining your clients’ eligibility is easy:

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:

Q: How can I find out if my client qualifies for this limited time offer?

A: Call a Bank of America short sale specialist at 1.866.880.1232 Monday – Friday 8 a.m. – 10 p.m.; Saturday 9 a.m. – 5:30 p.m. Eastern.

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 at agent.equator.com. 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 relocation assistance?

A: No. This relocation assistance is only available on preapproved price short sale programs. Short sales initiated at the time an offer is received do not qualify for the enhanced relocation assistance funds.

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 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.

Banks Are Walking Away From Houses

A city in the Cleveland, Ohio area has demolished 1,000 livable houses in the last year and plans to tear down another 20,000. Their thought is that with 20% of the homes in the town vacant, they are not making the neighbor’s values worth less, they’re making them worthless! Here’s my take..

 

Fed to Buy Back Bad Debt and Push Government for Looser Lending Restrictions

The Federal Reserve is looking to buy back bad debt and pushing for the government to write loosen lending standards on loans that they invest in and write down the balance on mortgages where the home is underwater.

 

 

CNN is full of BS, so is Obama, and HAMP

Quoted from a CNN article saying how government has helped with loan modifications and the mortgage problem…

“Under HAMP, eligible borrowers can have their monthly payments lowered to 31% of their pre-tax income as long as its more profitable for the bank to modify the loan than to foreclose. The federal government pays servicers an incentive to participate in the program.”

Translated: “Under HAMP, people can have their payments lowered if it is more profitable for the banks. The federal government pays the banks to do this.”

THE GOVERNMENT IS GIVING OUR MONEY TO THE BANKS TO DO WHAT IS FINANCIALLY BETTER FOR THE BANKS TO DO ANYWAYS. THAT IS OBAMA’S HAMP LOAN MODIFICATION PROGRAM.

-Josh