Foreclosure in Cape Coral>Question Details

Randy Peska, Real Estate Pro in 33914

Does Bank of America have a program for distrested homeowneres? I heard Florida home owners may recieve $5000 and $20,000 relocation assistance.True?

Asked by Randy Peska, 33914 Thu Oct 13, 2011

What is the eligibility requirements? Any exclusions

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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
0 votes Thank Flag Link Thu Oct 13, 2011
I have a BoA short sale listed and we had presented an offer BEFORE this program was announced. We contacted BoA and they provided very specific details on the program and the purchase contract was signed within the dates BoA required so the seller applied to the relocation money.

BoA approved it in writing and we are getting ready to close and the seller is getting a nice amount of money given to him at closing.
1 vote Thank Flag Link Thu Dec 15, 2011
Bank of America and Chase both have programs for homeowners and so does the government through its HAFA short sale program. See about Bank of America's Florida short sale enhanced relocation assistance program here:…

Here is some information about the short sale incentive or relocation assistance program from Chase…

And the Federal government's HAFA short sale program :…
0 votes Thank Flag Link Thu Dec 15, 2011
biggest Exclusion....Can't have presented a contract to BOA already! Here is a detailed blog that might help.

it is similar to HAFA....BUT the deficiency waiver is not GUARANTEED, like it was in HAFA!!
0 votes Thank Flag Link Fri Oct 14, 2011
Hi Randy,

Yes, it's true. I actually received an email from Bank of America directly telling me about this program.
0 votes Thank Flag Link Thu Oct 13, 2011
I don't know about Bank of America but I was personally contacted by Chase on behalf of a short sale client and offering them $20,000 to sell the home as a short sale.
0 votes Thank Flag Link Thu Oct 13, 2011
As the other have said, yes it is true. Chase also has a similar program as well.

Terry McCarley, Jones & Co Realty
0 votes Thank Flag Link Thu Oct 13, 2011
It is true.....but there are limitations on who can qualify.
0 votes Thank Flag Link Thu Oct 13, 2011
Yes, it is true. I just submitted one yesterday and my client can receive about $15,000 once we close on the short sale. Let me know if I can help!
0 votes Thank Flag Link Thu Oct 13, 2011
I read that yesterday. See the article in the link below.
0 votes Thank Flag Link Thu Oct 13, 2011
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