Posted on Sep 7, 2012 in Roseville and Sacramento Short Sale FAQs

Hi this is Mark Peek at Keller Williams Real Estate in Roseville and Sacramento and I’m your short sale specialist for the area. I wanted to talk today about the HINIncentive short sale at Bank of America. It’s an enhanced relocation assistance program that they came out with.

How does it work? How do you apply for it and how do you know if you qualify? One of the things that you want to do is apply for the HAFA short sale program. This program works in combination with HAFA so if you are approved for a HAFA short sale and your loan is with Bank of America there may be an enhanced relocation incentive on top of the $3000 that HAFA already gives you. How much is it and how do they determine it? They don’t necessarily tell us how they determine, but I do have a few of these short sales going on right now and just had one approved. As long as you meet the HAFA guidelines, you’ll get the $3000 unless you vacate the property before the short sale is closed. The enhanced part of the incentive is based on the price of the property, the value of it and where it is located. In this particular case, the property value is around $245,000 and the homeowner is receiving about $3100 from Bank of America on the HINIncentive short sale program. That’s basically how the short sale works and is similar to the HAFA short sale.

The HINIncentive does expire in September of 2013 so if you have any questions, have a Bank of America loan and you’re considering a short sale please give me a call. We can find out some more information about whether or not you might qualify for this HINIncentive short sale program. Either way, many people are qualifying for the HAFA short sale program as long as their home is still owner occupied. Again, this is Mark Peek with Keller Williams. Click Start Here at the top of the page if you have any additional short sale questions or you can always give me a call, too.

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