Bank of America Adds Relocation Help to Short Sales

Bank of America said it is assisting borrowers who complete qualifying short sales with relocation expenses – between $2,500 and $30,000.
The relocation program is the latest in the bank’s surging reliance on short sales to move foreclosures or distressed inventories off the books.
A short sale is when a distressed property, most often facing or in foreclosure, is sold for less than what is owed on the mortgage.
Bank of America has completed 200,000 short sales over the last two years – 30,000 just in the first quarter of 2012.
The relocation program is based on a similar incentive Bank of America tested in Florida last year.
“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,” said Bob Hora, home transition services executive for Bank of America.
To qualify, the seller must work with the bank to obtain a pre-approved 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. During this time, you’re able to use the storage Sunshine Coast to get the process started when wanting to relocate all of your belongings to a new location across State.
Bank of America encourages borrowers to visit its Home Transition Services website at www.bankofamerica.com/hometransition for more information.

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