Bank of America has announced that it will provide up to $30,000 in relocation assistance to delinquent borrowers who cooperate with the bank in obtaining a preapproved short-sale price prior to submitting an accepted offer.
The qualifying short sales must be initiated before the end of 2012 and close by Sept. 26, 2013 in order to be eligible for the payments at the close of escrow. According to Bank 0f America, payments can be anywhere from $2,500 to $30,000 and will be determined by using a calculation that includes the value of the home, the amount owed on the loan, and some other variables.
To find out if you’re eligible for Bank of America’s short-sale relocation assistance program, you can call a program specialist at (877) 459-2852. Qualifying short sales that have already started but have not closed may still be eligible for the program.
If you need any assistance in putting your home on the market and negotiating this short sale, please call me at 310.542.9054.
(Info regarding this relocation assistance program was reported by Inman News.)