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 of the home and amount owed. Certainly other criteria will be evaluated to determined if you qualify.
If you are live in the Reno or Sparks, Nevada areas and are interested in learning more about Bank of America's Relocation Assitstance for Short Sales Program or, if you would like to hear additional short sale information please feel free to contact me. My email is Terrie@terrieleighton.com and Phone is 775-846-5424
Remember time is of the essence. To qualify you have to start the short sale process started by the end of this year or you will not be eligible!
Bank of America Offering Relocation Assistance For Short Sales