Bank of America Cash for Keys Program, Nevada
On May 15, 2012, Bank of America announced a new short sale Relocation Assistance Program: Homeowners are eligible to receive $2,500 to $30,000 in relocation assistance.
For a limited time, Bank of America 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. Anyone who is considering short selling their property should look into this limited-time offer to get the help they need by initiating a pre-approved price short sale today.
DETERMINE YOUR ELIGIBILITY
- You must participate in one of the pre-approved price short sale programs, such as HAFA (Home Affordable Foreclosure Alternatives) or Bank of America’s proprietary program. Specific investor participation and eligibility criteria do apply to these programs.
- Your Las Vegas short sale agent initiates a short sale with Bank of America.
- As soon as your short sale is initiated, Bank of America will determine for how much you may qualify.
Eligible homeowners actively participating in a preapproved price short sale program (such as HAFA or Bank of America’s proprietary program) will receive a letter if they qualify for the additional relocation assistance. The relocation assistance will be paid at closing.
Frequently Asked Questions:
Q: If I already have an offer, will it qualify for this relocation assistance?
A: No. This relocation assistance is only available on pre-approved price short sale programs. Short sales initiated at the time an offer is received do not qualify for the enhanced relocation assistance funds.
Q: Will the relocation assistance funds be reported on the HUD-1?
A: Yes, funds received at closing 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, you can use the funds to pay off existing liens or to help with relocation expenses.
Q: Is the relocation assistance added to any other incentives, such as the HAFA or Bank of America proprietary program incentives?
A: The incentive will be inclusive of the $3,000 HAFA incentive. For example, if the you are eligible for a $5,000 homeowner incentive, $3,000 will be from the HAFA incentive, and $2,000 will be from your incentive.
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.
*The relocation assistance payment is calculated based on the appraised value of the homeowner’s property and usually no more than 5% of the sales price. 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.
IMPORTANT GOVERNMENT DISCLOSURE: You may stop doing business with us at any time. You may accept or reject the offer of mortgage assistance we obtain from your lender (or servicer). If you reject the offer, you will not have to pay us for our services. The above brokerage is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan.
