Breaking News: New Bank of America ‘Enhanced Short Sale Relocation Assistance’ program PAYS owners to short sale…starting in Florida…expect a national roll out soon.
Florida Agents:
Florida Enhanced Short Sale Relocation Assistance Florida homeowners may receive $5,000 to $20,000 in relocation assistance.
Bank of America encourages distressed homeowners to explore a short sale as a viable option for avoiding foreclosure. To that end, for a limited time we are offering enhanced relocation assistance to help motivate homeowners to engage with us on a pre-offer short sale. An additional benefit for these pre-offer programs – such as the Home Affordable Foreclosure Alternatives (HAFA) and Bank of America’s proprietary program – is that deficiency may be waived for the homeowner.
Eligibility:
Homeowners with property in Florida
Short sales initiated without an offer between September 26 and November 30
The customer will have to be eligible for one of the without offer programs such as the HAFA program or our proprietary program (specific investor participation and eligibility criteria do apply to these programs)
Successful closing of the eligible short sale by August 31, 2012
Minimum relocation assistance is $5,000 and maximum is $20,000, with the specific amount calculated based on the unpaid principal balance.
Exclusions:
Ginnie Mae, FHA, VA and USDA loans are ineligible for participation
Lot loans are ineligible for participation
Properties outside the state of Florida are ineligible for participation
Short sales initiated with an offer are not currently eligible for the enhanced relocation assistance.
Frequently Asked Questions:
Q: How can I find out if my client/homeowner qualifies for this relocation assistance?
A: 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
Q: Do I have to do anything differently when initiating or completing the short sale?
A: No. As long as the homeowner’s short sale is initiated between September 26 and November 30, 2011, and the property closes by August 31, 2012, they will be eligible.
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 added to any other incentives, such as the HAFA or Bank of America proprietary program incentives?
A: 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.
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.
Questions?
Homeowners and agents may call 1.877.459.2852 to speak to a Bank of America short sale specialist about this exciting relocation assistance offering.
Visit the Agent Resource Center at bankofamerica.com for additional short sale education, news and resources to help you complete short sales at Bank of America.
* The relocation assistance payment is calculated based on the unpaid principal balance of the homeowner’s loan and the type of short sale that the homeowner completes, but will not be less than $5,000 or more than $20,000. The payment amount will be calculated based on the homeowner’s loan balance as of August 2011 and the short sale program in which the homeowner is eligible. The payment will be delivered at the time of closing if the homeowner complies with all terms and conditions of the Short Sale Agreement, including the satisfaction of all second liens and presentation of clear title for the property (the relocation assistance payment can be used to clear those liens). If the homeowner does not comply with all terms and conditions of the Short Sale Agreement, the homeowner will not receive the relocation assistance payment. Even if the homeowner receives relocation assistance, Bank of America, N.A., and their successors and assigns may reserve and retain the right to pursue collection of any deficiency following the completion of the short sale, unless otherwise prohibited by law. The amount of the deficiency and relocation assistance will be reported to the Internal Revenue Service (IRS) on the appropriate 1099 Form or Forms. We suggest that homeowners contact the IRS or their tax preparer to determine if they have any tax liability. This offer is for Florida properties only. To receive the relocation assistance, the property must close by August 31, 2012.
From the CALIFORNIA ASSOCIATION OF REALTORS® :
“LAW AGAINST SHORT SALE DEFICIENCIES EXPANDED!
In a major victory for REALTORS®, Governor Brown signed into law today a C.A.R.-sponsored bill, Senate Bill 458, prohibiting a deficiency after a short sale for one-to-four residential units, regardless of whether the lender is a senior or junior lienholder.
Effective immediately for transactions closing escrow from this day forward, both senior and junior lienholders cannot require a borrower to owe or pay for a deficiency in a short sale. This law also prohibits any deficiency judgment to be requested or rendered for senior or junior liens after a short sale of one-to-four residential units. Any purported waiver of this rule shall be void and against public policy.
Although a lender cannot require a borrower to pay any additional compensation in exchange for a short sale approval, the new law does not prohibit a borrower from voluntarily offering a monetary contribution to a lender in hopes of obtaining a short sale. A lender is also permitted under the new law to negotiate for a contribution from someone other than the borrower, such as other lenders, agents, relatives, and the like.
Exceptions to the new law include a lender seeking damages for a borrower’s fraud or waste; a borrower that is a corporation, LLC, limited partnership, or political subdivision of the state; a lien secured by a bond as specified; a public utility lien; and additional rules apply if a note is cross-collateralized by more than one property.”
David Rozansky Releases New book: “Should i Short Sale My Home”
3/4/2011 — David Rozansky, a Realtor of Top Choice Realty in Encino, has just released a new book called ‘Should I Short Sale My Home…A Homeowner’s Guide To Surviving The Worst Real Estate Market In History”. The book is a how-to guide for under water, distressed homeowners. Now officially the worst real estate market ever, millions of homeowners will benefit from Dave’s expertise on how to short sale a home. This expertise is invaluable at a time when the nation’s housing market is devastated by millions of distressed homeowners thrust into the foreclosure process.
David Rozansky, co-authored the book with Tim and Julie Harris, founders of Harris Real Estate University, the nation’s leading coaching and training program for real estate professionals.
The Short Sale of a property allows the distressed owner, through their Realtor, to find a buyer willing to purchase their home before they are forced into the foreclosure process. The owner can then use proceeds to repay their lender, even if the amount is less than what they actually owe on the property. In the current economy nearly all lenders are willing to consider Short Sales because they are less costly and time-consuming than foreclosures.
“The ‘Should I Short Sale My Home Book’ has been invaluable tool for homeowners to see how I work with sellers and lenders on complicated Short Sales. In the Los Angeles, more than 10,000 homes are in some stage of foreclosure. The best action against foreclosure is Short Sale,” said Rozansky, “It is so rewarding to be able to help families save their homes from foreclosure.”
Tim and Julie Harris, founders of the Harris Real Estate University in Las Vegas, NV, said “Realtors such as David Rozansky have valuable training in Short Sales and can offer homeowners a better alternative to foreclosure, which inevitably destroys their credit rating and prevents them from having the ability to purchase a new home. Through our in-depth training and continuous education programs, these agents are trained to aggressively seek sellers and buyers using our extensive marketing techniques.”
The Harris Real Estate University opened in 1998, and provides Distressed Property Agent training through webinars, teleseminars and business coaching. Agents can earn their Short Sale Listing designation remotely from their offices all across the nation. The HREU ASD is the premier designation for Realtors who want to specialize in helping distressed homeowners.
If you feel you are in need of more information about foreclosure alternatives, or if you are under water on your mortgage payments, call David Rozansky for more information 1-877-766-3275 ext 527. For a limited time, David is offering the book for free to local distressed homeowners.
Specializing in the sale of residential and commercial properties in the Calabasas, Tarzana, Encino, Sherman Oaks, Studio City, Reseda, Canoga Park, Van Nuys, Woodland hills and West Hills area, David Rozansky lists and sells homes in Los Angeles County and Ventura County, Contact Dave at 1-877-766-3275 ext. 527 for more information, or visit http://www.ASAPshortsale.com
Get to know Dave Rozansky at http://www.asapshortsale.com/shortsalevi…, you may be bale to relate to him more than you think.
