Bank of America Increases Relocation Assistance for Short Sales
Bank of America announced that it has launched a national program that offers increased relocation assistance (from $2,500 to $30,000) with relocation expenses at the completion of a qualifying short sale. This is designed to help homeowners in distress who have exhausted home retention options or have made a decision not to keep the home.
This program is based on a similar incentive offer that Bank of America tested in Florida last year.
Under the new program, the seller must work proactively with the bank and obtain a pre-approved short sale price prior to submitting any offers to the bank. To be eligible for this program, a short sale must be initiated by the end of 2012 and close by September 26, 2013. 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.
Customers who believe they may be eligible for Bank of America’s short sale relocation assistance program may contact program specialists at 877.459.2852.
AVOID FORECLOSURE - if you are behind in your mortgage please fill out this form and we'll give you a free, no-obligation consultation on how short sales work and how we can help you salvage your credit (and perhaps get some relocation money!)
Please contact us if you have any questions or comments.