..many of your friends, past clients (and probably YOU) are eligible for $1000s….potentially 10s of $1000s in payouts.
Got your attention? Read on..

Remember the big hoop-la about the opportunity for owners to have their foreclosure cases reviewed and obtain possible restitution?

These reviews were mandated as part of settlement last year over alleged foreclosure abuses.Well months later only a small percentage of eligible borrowers have responded. The reviews are separate from the $25 billion mortgage-servicing settlement that state and federal officials reached this year.

According to the Office of the Comptroller of the Currency less than 165,000 people had applied to have their foreclosures reviewed — about 4% of the 4.1 million who received letters about the free reviews.

Regulators are attempting again to contact former owners with another mailing that goes out in early June to nearly 4 million households.

Even though letters went to more than 4 million households, consumer advocates say follow-up advertising has been ineffective, leading to the low response rate.

The deadline to request a review July 31. If errors are found, restitution could run from several hundred dollars to more than $100,000.

Rules to qualify for a review:

* Mortgages had to be in the foreclosure process in 2009 or 2010

* The mortgage has to be on a primary residence.

* The mortgage had to have been serviced by one of the 14 servicers or their affiliates, including Bank of America, JPMorgan Chase, Citibank and Wells Fargo.

More information is at independentforeclosurereview.com.
Be clear, this review for possible restitution program is IN ADDITION to the money many former borrowers could obtain..review:
The $25 billion mortgage settlement, borrowers who lost homes to foreclosure could be eligible for payouts from a $1.5 billion fund….resulting in 750,000 borrowers getting about $2,000 each.
For more information on that, go to nationalmortgagesettlement.com.

Categories : In The News
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Bank of America is expanding a program that began in Florida, Bank of America plans to entice more distressed homeowners across the county to sell houses in short sales by offering up to $30,000 in relocation money.

“Bank of America is committed to providing alternatives to foreclosure whenever possible,” Bob Hora, home transition services executive for Bank of America, said in the press release. “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 bank tested the program in the fall in Florida, where more than 11,000 homeowners agreed to participate.

Here are the details:
1) Borrowers will be paid between $2,500 to $30,000 for ‘moving expenses’ when a short sale is finalized.

2) The relocation money will be based on the home’s value and mortgage amount.

3) To be eligible, the short sale must be initiated by the end of this year and close by Sept. 26, 2013.

4) NO Deficiency Judgments!

4) Last month Bank of America announced plans to approve some short sales in less than 20 days.

5) The news comes one week after Bank of America announced it was reaching out to underwater homeowners who could be eligible for principal reductions.

6) Some short sales that have already started but have not yet closed may also be eligible for relocation assistance.

7) The program is currently only available to borrowers with mortgages owned and serviced by Bank of America.

8.) For more information about the government’s foreclosure settlement, go to NationalMortgageSettlement.com. If you’re a homeowner and have questions about whether you qualify for a loan modification or refinancing under the Home Affordable Refinance Program (also known as HARP 2.0), contact the Homeowner’s HOPE hotline at 1-888-995-HOPE or go to MakingHomeAffordable.gov.

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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.

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.

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.
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.

Categories : In The News
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