Short Sale Information
Short Sales unfortunately is part of the Real Estate Language today and for the next few years. For a homeowner in this situation it can be overwhelming and a bit confusing especially for those homeowners who would like to stay in their home. I hope this information is helpful to Roseville Ca Homeowners as well as homeowners in out region.
Roseville Ca Short Sales
Video Discussing Short Sales vs Foreclosures
There is some good news for homeowners who find themselves needing to short sale their home. Most banks today understand that doing the short sale is not only benefit for you but also them. Some of the major banks like Chase and B of A are offering seller relocation incentives. This incentive is meant to assist the homeowner move forward. See below Bank of America's recent email that was sent out this month.
|Bank of America Increases Relocation Assistance Payments to Customers Completing Preapproved Price Short Sales|
Short Sales Provide Alternative to Foreclosure for Delinquent Borrowers Who Have Exhausted or Declined Home Retention Solutions
CALABASAS, Calif. – Adding to its foreclosure prevention initiatives, Bank of America has launched a nationwide program that offers delinquent mortgage customers increased assistance with relocation expenses – between $2,500 and $30,000 - at the completion of a qualifying short sale.
“Bank of America is committed to providing alternatives to foreclosure whenever possible,” said Bob Hora, home transition services executive for Bank of America. “This program can help customers make a planned transition from ownership when home retention options have been exhausted or they have made a decision not to keep the home.”
The short sale relocation assistance program builds on the bank’s already robust short sale initiatives, which led to 200,000 completed short sales in the last two years and another 30,000 in the first quarter of 2012. This program is based on a similar incentive offer that Bank of America tested in Florida last year.
To qualify for the enhanced relocation assistance payments under the new program, the seller must work proactively with the bank to obtain a preapproved sales price prior to submitting a purchase offer to the bank. A short sale must be initiated by the end of this year and close by September 26, 2013, to be eligible for the payment. Qualifying short sales that have already been started but have not closed may be eligible for the relocation assistance.
The amount of assistance provided under the new program will be determined on a case-by-case basis using a calculation that includes the value of the home, amount owed and other considerations.
Initially, the program will be offered on mortgages that are owned and serviced by Bank of America.
While available nationally, Bank of America anticipates greatest response to the program will come from borrowers in California, Nevada, Arizona, Florida and other states hardest hit by the economic downturn and falling property values.
The Short Sale Process can be at times difficult but having an experienced Real Estate Broker that can walk you through the process and keep you updated will relieve some of your stress. As a Certified Distressed Property Expert (CDPE), I want to help those who find themselves in this situation. Remember the end game is to get you out of the financial mess and keep you out of the foreclosure that could happen. If all works out and your finances are better and credit is clean in a few years you may be able to jump back into homeownership. Give me a call at (916) 791-9073 for a free consultation.