BofA Co Op $3K to $30K? Your Experience?
BofA's letter to owner says they are offering $3K to $30K for relocation. The initial process said $3K to my client. The client thought it should be more since that's what she heard her friends said.
BofA customer service is not helping with my clients confidence level since the customer service has conflicting information, it's Fannie Mae, it's not Fannie Mae,etc.
It's with REDC.
What's your experience with the relocation assistance from BofA REDC Co-Op or just any BofA Co-Op?
Replies to This Discussion
-
Permalink Reply by Leslie Kunkel on
-
My client recently received $29k and with a coop the seller can use some of this incentive to go toward the 2nd if there is a delta. The sales price was $700k so guessing the higher amount allows for greater incentive. It's really rather crazy to be giving away that amount of money to someone defaulting!
-
-
Permalink Reply by Sylvia Barry on
-
They did say it depends on the appraisal, so $700K might have helped. Thanks, Leslie!
-
-
Permalink Reply by Kevin - Greenville, SC on
-
If it's a Fannie Mae Loan they will probably on receive a max of $3000 in relocation.
-
-
-
It is a Fannie Mae loan. REDC also said it depends on investor guideline. You said 'probably', is it part of their guideline?
-
-
-
If it's a Fannie Mae Loan, Fannie Mae is the Investor.
-
-
-
New Guidance just released -
The total relocation assistance the borrower receives may exceed $3,000 if the servicer elects to provide additional assistance from its own funds or if the borrower receives assistance from another source.
https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2012/svc1219.pdf
-
-
Permalink Reply by Thom Colby CA Brkr 888-391-5245 on
-
Your client should say "Thank You" for whatever they get.
-
-
-
I totally agree with that ,Thom.
I think the problem is how the banks are sending out blanked letters to all (or all at risk) homeowners offering them this $3K to $30K incentive to short sale without giving them the criteria up front, not to mention mixed up answers when she inquired. Guess what!
-
-
-
They are "baiting" the borrowers to get them to short sale !
-
-
Permalink Reply by TOP END Properties on
-
Exactly .. they wan't people to gamble with the hopes of receiving $30k. I think this has something to do with the recent $25B law suite the 5 banks settled on. Now they are trying to give away the settlement money they owe to homeowners with this gamble incentive.
They wont tell the criteria and as far as I know the amount they will give is in the initiation letter.
-
-
-
* The relocation assistance payment is calculated based on the appraised value of the homeowner’s property. The total amount will be no less than $5,000, 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 include 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 Sept. 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.
-
© 2024 Created by Short Sale Superstars LLC.
Powered by
**********************************
like buttons