Bank of America is holds some of the largest inventory of distressed home in US specially after their acquisition of Countywide which was one of the most aggressive sub-prime lenders. To remove these loans from their books, bank of america is now offering generous cash incentives for San Jose Short Sales in some cases as high as $25,000!!
Prior to these large incentives were recommending our home owners participate in HAFA Short Sales which was offering the home owners $3-$6,000 relocation incentive. But now that Bank of America is offering these large sums for San Jose Short Sales, we are advising our clients to decline HAFA Short Sale as an option.
You will need to make sure that your loan has not been sold to a 3rd party investors and is still owned and serviced by Bank of America. For our Bank of America clients we use a 3rd party Authorization to help confirm this information and start negotiating with the bank on their San Jose Short Sale.
Bank of America requires will require both buyers and sellers to sign a HAFA Affidavit to confirm that the sale is an “arm’s length” transaction. This addifavit will also cover topics such as any contracts and agreements for payments that are outside of escrow which are considered Short Sale scams.
As a home owner you will be required to submit a hand-written letter to stating that you are declining HAFA Short Sale as an option. You need to include your loan number and last 4 digits of your social security as proof of identity. These large incentive are the best options and they might not last.
You might still qualify for these incentives even if have filed for bankruptcy. Needless to say that your bankruptcy has to be discharged before you can initiate a San Jose Short Sale.
We are convinced this a golden opportunity to take advantage of these incentive since they might not be around in 2014. In addition, any such contribution might be subject to income taxes if Congress and State of California do not extend the Tax Forgiveness acts in effect in 2013.
Contact Us if you have any questions on your Short Sale.