Note that the final HUD 1 must be received with the Short Sale proceeds or the funds will be returned Note that the final HUD 1 must reflect $0 Cash to Seller unless proof of relocation assistance can be provided from the First Mortgage Servicer The sale must be an that you cannot list the property arm’s length transaction. This means with or sell it to anyone that you are related to or with whom you have a close personal or business relationship. Please also attach a hardship letter, signed by the customer, which includes the following (if applicable): Detail of the financial hardship that necessitates a Short Sale Detail on how the customer plans to repay the remaining deficiency balance on this account, if applicable The customer’s new address NOTICE TO CUSTOMERS REGARDING SHORT SALES: Bank of America and/or its investors may pursue a deficiency judgment for the difference in the payment received and the total balance due, unless agreed otherwise or prohibited by law, if the short sale closes on the loan referenced above. In addition, if this loan is covered by mortgage insurance, the mortgage insurance company may reserve the right to pursue the seller for the deficiency based on the terms of the mortgage insurance policy. Furthermore, there may be tax consequences associated with entering into a short sale. The seller is encouraged to seek the guidance of an independent tax advisor, and/or an attorney, before proceeding with the short sale. If the seller is entitled to receive any proceeds based on a claim for damage to the property under any policy of insurance, including homeowner's, lender-placed, casualty, fire, flood, etc., or if seller is entitled to receive other miscellaneous proceeds, as that term is defined in the deed of trust/mortgage (which could include Community Development Block Grant Program (CDBG) funds), these proceeds must be disclosed before we will consider the request for short sale. If we receive a check for insurance or miscellaneous proceeds that were not previously disclosed, Bank of America will have the right to keep the proceeds and apply them to Bank of America’s loss after the short sale. We similarly would have the right to claim the proceeds to offset our losses if it were not previously disclosed and it was sent directly to the borrower.
Note that the final HUD 1 must be received with the Short Sale proceeds or the funds will be returned Note that the final HUD 1 must reflect $0 Cash to Seller unless proof of relocation assistance can be provided from the First Mortgage Servicer The sale must be an arm’s length transaction. This means that you cannot list the property with or sell it to anyone that you are related to or with whom you have a close personal or business relationship. Please also attach a hardship letter, signed by the customer, which includes the following (if applicable): Detail of the financial hardship that necessitates a Short Sale Detail on how the customer plans to repay the remaining deficiency balance on this account, if applicable The customer’s new address NOTICE TO CUSTOMERS REGARDING SHORT SALES: Bank of America and/or its investors may pursue a deficiency judgment for the difference in the payment received and the total balance due, unless agreed otherwise or prohibited by law, if the short sale closes on the loan referenced above. In addition, if this loan is covered by mortgage insurance, the mortgage insurance company may reserve the right to pursue the seller for the deficiency based on the terms of the mortgage insurance policy. Furthermore, there may be tax consequences associated with entering into a short sale. The seller is encouraged to seek the guidance of an independent tax advisor, and/or an attorney, before proceeding with the short sale. If the seller is entitled to receive any proceeds based on a claim for damage to the property under any policy of insurance, including homeowner's, lender-placed, casualty, fire, flood, etc., or if seller is entitled to receive other miscellaneous proceeds, as that term is defined in the deed of trust/mortgage (which could include Community Development Block Grant Program (CDBG) funds), these proceeds must be disclosed before we will consider the request for short sale. If we receive a check for insurance or miscellaneous proceeds that were not previously disclosed, Bank of America will have the right to keep the proceeds and apply them to Bank of America’s loss after the short sale. We similarly would have the right to claim the proceeds to offset our losses if it were not previously disclosed and it was sent directly to the borrower.