Being one of the approved agents for Dignified Transition Solutions who is an intermediary between BofA and defaulting borrowers for the cooperative short sale from Bank of America, I often get questions about the program. So If I've directed you to my site, below is the details from the Bank of America website on the program.
This is an alternative to foreclosure and yes, we have seen $30,000 paid for relocation to the homeowner from Bank of America.
Is the Cooperative Short Sale program right for me?
Program goal
This program may help you avoid foreclosure if you owe more on your mortgage than your house is worth and do not qualify for the Home Affordable Foreclosure Alternatives (HAFA) program. A Cooperative Short Sale can streamline the approval process and offers financial assistance of $2,500–$30,000 to help you with relocation and moving expenses.
Eligibility
You may be eligible for the Cooperative Short Sale program if:
your loan is secured by a participating investor (a third party that has ownership of the loan)
you are not eligible for or were declined for the federal government’s Home Affordable Foreclosure Alternatives program
you owe more on your house than it is worth
you are experiencing a hardship (such as a job loss, divorce or medical emergency) and are no longer able to make payments on your home loan
Program at a glance
-
Step 1: Call us to discuss the preapproved price options available to avoid foreclosure. We will review your information and check your eligibility for a short sale.
-
Step 2: If you decide a short sale is right for you, we will work with you and your real estate agent to get your Cooperative Short Sale request approved. If you have a home equity loan or line of credit with another lender, or any other liens, you will need to negotiate their release before the short sale can be approved.
-
Step 3: Once you enter into a Short Sale Agreement, you will be required to work with a licensed real estate professional and given time to sell your house — typically 120 calendar days.
-
Step 4: When you receive an offer, your real estate agent will submit it to us with all required documentation. We will get back to your agent with a decision on the offer as quickly as possible.
-
Step 5: After your house is sold and your mortgage is settled, you may receive $2,500–$30,000 at closing to assist you with relocation and moving expenses.
Comments(0)