Bank of America Increases Payments For Preapproved Short Sales
Any homeowners out there on the fence about doing a short sale? It isn’t exactly a reason to break out the champagne but homeowners considering a short sale who have a loan serviced by Bank of America now have the possibility of obtaining up to $30,000 in hardship funds.
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. That means that your knowledgeable real estate agent must get a solid offer and be able to fight any valuation issues that may arise.
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.
Other banks offer “relocation assistance” including Chase and Citi however is the turbulent distressed property world things change constantly. Feel free to contact us if you have any questions about “relocation assistance” with any of the banks.
For more information about the government’s foreclosure settlement, go to NationalMortgageSettlement.com. If you’re a homeowner and have questions about whether you qualify for a loan modification or refinancing under the Home Affordable Refinance Program (also known as HARP 2.0), contact the Homeowner’s HOPE hotline at 1-888-995-HOPE or go to MakingHomeAffordable.gov.