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Bank of America Offering Relocation Assistance For Short Sales
Bank of America recently announced a nationwide program offering up to $30,000 in relocation assistance for short sales. Adding to its foreclosure prevention initiatives, this program offers delinquent customers increased assistance with relocation expenses at the completion of a qualifying short sale.
Approved home owners could receive from $2,500 and $30,000. ~ Just last week an agent in my Ferrari-Lund Real Estate office closed a short sale transaction and his client received $10,000 in relocation fees. This is such exciting news for home owners faced with a possible short sale and are faced with relocating to another area.
To qualify for the relocation assistance on this new Bank of America program, sellers must:
1) Have the short sale initiated by the end of 2012 and close by September 26, 2013.
2) or have a qualifying short sale that has already been started but has not yet closed
3) Work proactively with the bank to obtain a pre-approved sales price prior to submitting a purchase to offer to the bank.
4) Your mortgage must be owned and serviced by Bank of America.
The amount of assistance/payment a homeowner receives will be determined on a case-by-case basis using a calculation that includes the value ... more
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