Bank of America Relocation Assistance Program

There are a lot of changes going on in the short sale world.  One of the big (and exciting) changes, is the Bank of America Relocation Assistance Program.  

Since this is a fairly new (launched in June) program, there haven't been any, that I'm aware of, short sales closed through this program.  That being said, I've got a file that has been qualified for this program.  My plan, is to walk through the program as we move along so that you can see how the program works.  Since this is happening on my website, I will post the link to the post each week detailing what transpired.

If you have any questions along the way, feel free to ask!
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July 07 2012 - Portland
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Profile picture for wetdawgs

 "Since this is happening on my website, I will post the link to the post each week detailing what transpired."


While it sounds interesting, perhaps a different approach than linking to your website would be more in line with the Good Neighbor Policy.

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July 07 2012
You might just post links in your profile, and then post a shortened weekly update. Then any questions can be dicussed here.
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July 07 2012
I'm not sure if they rolled this out a few states at a time, but I received my first assignment for this program in October of 2011. In my case, the process was managed by a 3rd party assigned by B of A (Dignified Transition Solutions).   

It went smoothly (short sale has since been approved and successfully closed).  However, my biggest challenge was that it was done through Equator and at that time, the DTS personnel didn't have complete access to that system.  Perhaps that kink has since been worked out.

In my transaction, the DTS personnel negotiated the terms of the short sale and once approved, turned it over to B of A closers.

Inrerestingly enough, my client was unable to receive the relocation  assistance offered by B of A's program because the 2nd lien holder (ASC serviced by Wells Fargo) would not approve the short sale unless the seller forfeited thir relocation assistance. We went around and around, but could not get ASC to budge on this. This was very disheartening becasue my client was experiencing a severe hardship and the $2,500 would've really helped.

Best wishes!
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July 07 2012
Janell,
I think that may have just been B of A's Co-Op Program.  The Relocation assistance program is different, in that they will pay money above and beyond the traditional $2500-$3000 in Relocation costs.

Wetdawgs, and Cindy,
I guess that's what we have to do.  Though it seems counter intuitive to ask agents to contribute to stuff like this when they can not try to get business from it.  This information is not spam and IMO is incredibly valuable information.  The links were useful because of the videos that went along with it.  There isn't a way to add video in to these posts.
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July 08 2012
Profile picture for wetdawgs
Many agents and other professionals have very useful links in their profiles, including some like those you describe.    Zillow is pretty firm about not linking directly to one's business website in Advice, but has no problem with the same appearing in one's profile.    Yes, it adds another click to the consumer.  
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July 08 2012
I can also add that I know, from experience, that posting helpful information and being of assistance in advice does sometimes lead to business.
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July 08 2012
Hi Ben,

I just checked through my documents again and you are correct.  My transaction was the "Cooperative Shortsale" program. 

So much of the verbiage associated with this prgram centered around "Relocation Assistance" as the carrot dangled in front of my client's nose, that I assumed it was the same thing.  

I apologize for any confusuion!

Best wishes!
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July 08 2012
No worries!  They call the $2500-$3000 relocation assistance, but this new program is the Relocation Assistance Program.  In fact, for this new program, you need to qualify for the HAFA or Co-Op program, and then you may also get the other money on top of that.
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July 08 2012
In order to follow the Good Neighbor guidelines, I will simply copy and paste the information from my blog to this thread.
Week One Overview:

I received a call today from Bank of America about one of our short sale files.  The call was to inform us that the seller qualifies for their Short Sale Relocation Assistance Program. That means that the seller is going to receive a check anywhere from $5k to $30k at closing for completing a short sale.

I figured that this was a great time to help walk you through what the process will be like when you decide to try and participate in this program.  Once a week I will do a video walking you through what happened on the file and what was needed form us.

As of today, the bank faxed over a few documents that are required to complete the sale.  We have already sent in the regular short sale information, though the guy I spoke with said that it isn't necessary in order to close this.  All he needs at this point is the 5 pages he sent over today:

  • Cooperative Short Sale Acknowledgement of Interest
  • The Service Members Civil Relief Act Disclosure
  • Buyer's Acknowledgement and Disclosure (Not needed until we have an offer on the file)
  • Short Sale Third Party Authorization Form (Borrowers Acknowledgment)
  • Short Sale Third Party Authorization Form (Designated Representative  Acknowledgment)

We will get this information sent over to the bank this weekend, and update you on the progress this week.  The next step that we are anticipating is having Bank of America order an appraisal on the property.

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July 08 2012
So last week we received a call from Bank of America on one of our files.  They let us know that our homeowner would qualify for their new program, which can pay the homeowner up to $30,000 at closing.
Shortly there after, we received the paperwork we needed via fax.  We filled it out and faxed it in that weekend.

On the next Tuesday (48 business hours after faxing it in), we called to verify they had it.  They did, and it was being reviewed for completeness.  Shouldn't be an issue, since I know we did it correctly.

On Friday, the docs had been reviewed and we should have been moving on to the next step, getting the appraisal ordered.

Except there was one little hiccup.  The paperwork was not correct.  B of A is insisting that the address we wrote down, 123 NW Main Street, should be written as 123 W Main Street.  Here's the thing.  I know they are wrong.  The seller knows they are wrong.  I have a suspicion that the lady I talked with at B of A knows they are wrong.  Doesn't matter.

Either we play there game, or we escalate the file through to the managers, etc.

In this case, we simply re-did the paperwork and lost a week of time.

There are a few reasons why short sales can take a long time, and this has to be one of the more frustrating reasons.  When a bank clearly has the wrong information and they insist you do it their way.  Whatever.
The paperwork has been corrected and resent.  

Hopefully next week will have a bit more progress.
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July 08 2012
Unfortunately, there still isn't anything to update.  The bank has received all of the updated docs that we had to send last week, but nothing new beyond that.  I was told it would be 2-3 weeks for the appraisal, but we still haven't heard on it yet.  Obviously, changing the docs to match their address caused a delay...
Fingers crossed for next week.
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July 14 2012
New update on the file.  We got word that the appraisal was completed and sent over to the negotiator.  we should hear back on what their value of the home is and how much the clients are getting.  Over the weekend I spoke with a few colleagues who are little further along in the process and we figured out that home owners are getting from 2.5% - 5% of the value of the home in relocation assistance.  The lowest I've seen is $5k (which they state is the case in the guidelines) on a $68k home and the most is about $9800 on a $190k home.

We're anticipating a value in the $120k to $140k range, which would look like $5k (minimum) to $7k if they got 5% on a $140k value.

We should know these numbers later on in the week, so when that happens I'll be sure to let you know.
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July 17 2012
Unfortunately the only link you are going to get to your website is through your profile page.

I would be skeptical of any relocation programs offered through anyone. I would get the details and loan terms, then talk with a qualified mortgage lender to make sure they are not just stating the program is great while giving you something the general mortgage borker community could beat with far better service.
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July 27 2012
@ AugieB - I'm not sure you read through what this program entails.  This is a relocation program for Bank of America Short Sellers.  They are not getting any new loans or needing to talk to a mortgage specialist...

Update on the status of this file:

So we finally heard back from Bank of America with the terms of the Bank of America Short Sale Relocation Incentive Program details.  They are asking us to list the property at $133k with an incentive amount to the sellers of $5168.38.  This comes in at 3.8% of the appraised value, which is inline with the 2.5-5% we were thinking.

Once we got that amount, the bank assigned the file to me in Equator and is now asking for updated listing paperwork and a copy of the MLS sheet.  The home will now go active on the market and we will see where the offers come in.

I expect that we should be able to get an offer near this amount fairly easily.  The trick is going to be what the bank does with the HOA amount.  Hopefully they will pay them in full without too much of a hassle.

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July 31 2012
Profile picture for NewLRRes

Good luck with this and hope you get a buyer that is willing to wait....and wait….a VERY long time....for this house.  I'm a seller going thru this exact process.  Applied for HAFA October of 2011, got our HAFA approval February of 2012, within 1 week received a full price offer.  Received the enhanced "relocation assistance program" letter in April and have been getting the run around between BofA and 3 different "servicing companies" for over 7 months now.  Got the terrific news 2 weeks ago from BofA - "Welcome to Closing!" and that we should receive the approval letter in 1-2 biz days.  Yeah right.  Still waiting on that.  One hand blames the other hand and nothing ever gets done.  We are "supposed" to get $3k for HAFA relo and $15.5k for enhanced relo at closing...if we EVER close.  If you are expecting BofA to pay any back unpaid HOA dues, good luck with that.  They are not paying for ANYTHING per our HUD.  Buyer is taking on all the costs, including typical costs that a "seller"/BofA would pay on a normal close.  This is why short sales take so long.  Buyers are backing out when they have to wait so long for an approval and then find out they have to pay way more than what they were expecting.  I cannot wait to be done with this whole process.  Again...good luck.   

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September 11 2012
 
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