Bank of America announced today that it will be assisting financially distressed clients who want to avoid foreclosure by offering enhanced relocation assistance. Qualified homeowners who work with a real estate agent to initiate a short sale in Bank of America's online Equator system prior to getting an offer on their home could be eligible to receive $2,500 to $30,000 in relocation assistance and owe no more on their mortgage. This is a limited time offer.
All homeowners need to do is work with their agent to initiate a short sale in Bank of America's Equator system. Once the seller's information is uploaded BofA says it will evaluate the home owner's quickly to see if they qualify for the enhance relocation assistance. (Specific investor participation and eligibility criteria do apply).
Here is the fine print.... The relocation assistance payment is calculated based on the appraised value of the property. The total amount will be no less than $2,500 and 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 include but are not limited to a full walk through appraisal, satisfaction of all junior liens (relocation funds can be used to clear liens), and ability to provide clear title. The short sale must close by September 26, 2013. The amount of any deficiency and relocation assistance will be reported to the IRS on appropriate 1099 forms. Homeowners are encouraged to contact the IRS or their tax preparer to determine tax liability.
Contact me today if you would like to find out if you could qualify for this program.
