Bank Of America Short Sale Incentives & Offers

Bank Of America Short Sale Incentives

Bank of America is currently sending out letters describing Bank Of America Short Sale Incentives to homeowners with pre-approved short sale offers.

It has been our experience that Bank of America has completed HAFA short sale, FHA short sales VA Short Sales & traditional short sales.

In order to find out which program you may qualify and to find out if you qualify for a cash short sale incentive you will need to call the bank or have the person who is facilitating your short sale ask on your behalf.

There are several deciding factors that will determine if you qualify for Bank Of America Short Sale Incentives and which short sale program you may qualify for is your mortgage servicer is Bank of America

  1. Who is the Investor that owns the note (Freddie Mac, Fannie Mae, hedge fund, bank, etc.)
  2. If there is Mortgage Insurance or not
  3. If the mortgage is FHA or VA insured
  4. If the property is a Primary Residence or Investment property

The best way to start is by calling Bank of america Short Sale Department…

Bank of America Short Sale Department phone # 866-880-1232

Alternative Right Party Contact

Bank of America short sale incentives offers

Enhanced Short Sale Relocation Assistance for Florida Homeowners

For the last few months, RE/MAX and Bank of America have been cooperating in an Alternative Right

Party Contact program across the United States. ARPCis designed to allow agents a unique way to

reach out to delinquent homeowners and inform them on foreclosure alternatives like Short Sales.

Now, in an effort to motivate homeowners in Florida to consider a Short Sale, Bank of America is

offering enhanced relocation assistance for a limited time. Eligible Florida homeowners may now

qualify to receive a cash incentive of $5,000 to $20,000 and have any deficiency waived.

Eligibility:

~ Homeowners in the State of Florida

~Short Sales initiated without-a- offer between September 26 and November 30

~Be eligible for one of the proprietary Bank of America Short Sale programs or HAFA

~Cash incentives based on a percentage of the unpaid loan balance ($5,000 to $20,000)

~FHA, Ginnie Mae, USDA and VA loans are NOT eligible

Frequently Asked Questions:

Q: How can I find out if my client qualifies for this relocation assistance?

A: Call a Bank of America Short Sale specialist at 1-866-880-1232

Q: Are there different procedures for initiating or completing these Short Sales?

A: No, as long as the homeowner meets the eligibility requirement shown above.

Q: Will the relocation assistance funds be reported on the HUD-1?

A: Yes, they 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, if the investor approves it.

Q: Is the relocation assistance in addition to other incentives from the Bank, HAFA or others?

A: No, cash incentives under this program would be in place of other incentives.

Q: Is the enhanced relocation assistance available for other programs?

A: Currently, these incentives are only available to Short Sales initiated without-on-offer.

Resources:

If you have any question, please feel free to contact us