What is a Cooperative Short Sale?
In a Cooperative Short Sale, you list the property for sale at fair market value. If the property is sold, the proceeds from the sale are used to pay off the mortgage debt, even if the proceeds are less than the amount owed on the mortgage. By working with Bank of America and a real estate professional to successfully complete a Cooperative Short Sale, we can help you avoid some of the negative aspects of a foreclosure.
B of A started this program to cut down on the time frame but also the amount of documentation that you have to provide.
Benefits of a Cooperative Short Sale include:
*You have up to 4 months to sell the property.
*You may be eligible to receive relocation assistance of $2,500
to help with moving, relocation and rental expenses.
*If the Cooperative short sale is successful, Bank of America
will not pursue the deficiency balance on your loan.
*You will have dedicated support so you have the information you
need to make informed decisions throughout the process.
To see if you qualify for this program, give me a call and have your loan number ready.
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