I made a call to the SS dept to find out more information about the program where the borrower could get from $2500 to $30,000 in relocation assistance. To my surprise, the person on the other end of the phone said there was no such program and further stated that the borrower had to be solicited to participate in the cooperative program that they did have. I read her some features of the program from the Agent Resources Center, but she stuck to her guns and said there was no such program. I hung up and called back and got someone that did know about the program. I asked if the loan had to be owned and serviced by B of A as I thought that's what I'd heard on the Webinar. He said no. Can someone confirm or deny that the loan has to be owned by B of A to participate in this program? To clarify, this is the program where the short sale has to be initiated by the end of 2012 and be completed by Sept 26, 2013.
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As an add-on to this discussion, I have a short sale that I am initiating soon where Chase is the servicer and BofA is the investor. I am wondering if the Relocation Assistance would be applicable in this case. Thanks so much!
Adding to my previous post......The webinar that is in the Agent Resource Center conducted by Bob Eidson states that "initially offered on mortgages that are owned and serviced by Bank of America".....this is at the 10 minute and 10 second mark of the webinar.
Spoke to SS dept again. Erik said that there are now several investors that participate including Fannie Mae and Freddie MAC. Not FHA, VA, or USDA though. He said it changed from just being B of A owned and serviced in the middle of June. The concerning thing then is that the Agent Resource Center is not up-to-date. Ouch!
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