Utah Real Estate & Mortgage Blog

If your mortgage is with Bank of America (BofA) and you are contemplating short selling your home, there will never be a better time than now!

$2,500 to $30,000 in relocation assistance!!

For a limited time, Bank of American 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.

Don’t miss this limited-time offer to get the help you need!

Determining eligibility is easy:

• BofA will evaluate the homeowner for this offer quickly to determine if they qualify for the enhanced relocation assistance.
• The homeowner 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.

Have an active pre-approved price short sale? Don’t worry.
Bank of America is reviewing all current, in-process pre-approved price short sale agreements to determine who is eligible for this limited-time offer. Eligible homeowners actively participating in a pre-approved 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: How can I find out if my client qualifies for this limited time offer?
A: Call us today at 801-999-8005 to determine if you qualify.

Q: If a short sale is initiated with 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: Can the relocation assistance funds be used to pay off existing liens?
A: Yes, the homeowner may use 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 homeowner incentive will be inclusive of the $3,000 HAFA incentive. For example, if the homeowner is eligible for a $5,000 homeowner incentive, $3,000 will be from the HAFA incentive, and $2,000 will be from the homeowner 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. However, as we gauge the success we may extend this incentive to other programs.

If you want more information on this program or considering short selling your home, call us at 801-999-8005 today for a free  no-obligation consultation with a Zoom Short Sale Certified Realtor.

 *The relocation assistance payment is calculated based on the appraised value of the homeowner’s property. 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.

If you are looking for grant money to assist you with the downpayment of your home, here is a list of cities that may have funds available to you! If you are interested in learning more about the grants, give a zoom Realtor a call -  Jared Brandt 801-719-4769

Clearfield (Not Available)

$5,000 Down Payment Assistance (Detailed Information Available)

Davis County (Not Available)

$5,000 Down Payment Assistance (Detailed Information Available)

Kearns (Available)

$10,000 Down Payment Assistance (Detailed Information Available)

Layton (Not Available)

$3,500 and $5,000 at Home in Layton (Detailed Information Available)

West Jordan (Available)

$5,000 First Time Homebuyers (Detailed Information Available)

Magna (Available)

$10,000 Down Payment Assistance (Detailed Information Available)

Morgan (Available)

$2,000 First Time Homebuyers (Detailed Information Available)

Ogden (Available)

$3000, $5,000, and $10,000 DPA (Detailed Information Available)

Provo (Available)

$10,000 to $20,000 First Time Homebuyer (Detailed Information Available)

Salt Lake County (Not Available)

$10,000 Down Payment Assistance (Detailed Information Available)

Summit County (Available)

Reduce Approx. 20% home price (Detailed Information Available)

St. George (Available)

$10,000 Down Payment Assistance (Detailed Information Available)

Tooele County (Available)

$3,000 Down Payment Assistance (Detailed Information Available)

Utah Multiple County (Not Available)

$5,000 to $10,000 DPA (Detailed Information Available)

Weber County (Available)

$5,000 Down Payment Assistance (Detailed Information Available)

West Jordan (Available)

$5,000 Down Payment Assistance (Detailed Information Available)

West Valley (Available)

$5,000 First Time Homebuyer (Detailed Information Available)

If you are interested in learning more about the grants, give a zoom Realtor a call -  Jared Brandt 801-719-4769

Great News!

As of March 15^th, 2012, the time frame for banks to pursue a deficiency judgment after a short sale changed from 6 years to 3 months.  This is a significant change, and may be important if you are involved in a short sale, especially if the deficiency was not negotiated or addressed during the short sale.

S.B. 42, passed by the 2012 Utah State Legislature and signed by the Governor, imposes a 3-month statute of limitations within which the mortgage lender must file a lawsuit to collect a remaining balance after the closing of a short sale.  The 3-month period begins with the recording date of the reconveyance (the release) of the lender’s trust deed.  The objective of the bill is to encourage borrowers to engage in short sale negotiations with some comfort in knowing that the limited 3-month statute of limitation would apply to a lawsuit to collect the remaining balance rather than the 6-year statute of limitations applicable generally to all written contractual obligations.  The legislation recognizes also that often a short sale agreement between a lender and a borrower will include a written payment plan for some or all of the remaining loan balance.  The 3-month statute of limitation does not apply to such an agreement.  Finally, the 3-month statute of limitation does not apply if the borrower engaged in fraud in connection with the short sale.  The legislation will be found at Utah Code Section 78B-2-313.

If you are considering short selling your home or have any questions regarding the process, give a short sale specialist a call at 801-683-9666.