BofA says it will offer up to $30,000 in relocation assistance to delinquent borrowers

May 15, 2012

Limited Time Offer Short Sale Relocation Assistance Program: http://mediaroom.bankofamerica.com/phoenix.zhtml?c=234503&p=irol-newsArticle&ID=1696127&highlight

Bank of America for a limited time is 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.

You’ll need to hurry and list with a qualified Realtor. Bank of America short sales must be initiated by the end of 2012 and close by Sept. 26, 2013 to be eligible for the payments. BofA says it will offer up to $30,000 in relocation assistance to delinquent borrowers who work with them to obtain a pre-approved short sale price before submitting offers.

*The relocation assistance payment is calculated based on the appraised value of the homeowner’s property. The total amount will be no less than $2,500, but 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 includes but are not limited to the following: a full walk-through appraisal must be completed and the homeowner must satisfy all junior liens and provide clear title for the property (the relocation assistance payment can be used to clear those liens). The short sale must close by September 26, 2013.  If the homeowner does not comply with all terms and conditions of the Short Sale Agreement, they will not receive the relocation assistance payment. The amount of any deficiency and relocation assistance will be reported to the Internal Revenue Service (IRS) on the appropriate 1099 Form or Forms. We suggest that the homeowner contact the IRS or their tax preparer to determine if they have any tax liability.

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