Bank of America has put in place a program which offers homeowners that are behind on their mortgage assistance with relocation expenses if they short sale their home. Short sales are a great alternative to foreclosure. To be eligible for this assistance the homeowner must diligently work with the bank to complete a short sale and the transaction must close no later than September 26, 2013. The amount of money which the homeowner is eligible to receive for assistance is determined on a case-by-case basis and may be anywhere from $2,500.00 to $30,000.00. Among other things, Bank of America will consider the value of the home and the amount owed when making the determination of how much a homeowner is eligible to receive for relocation.
This program is similar to a program which Bank of America implemented in Florida last year. Bank of America has completed approximately 200,000 short sales in the last two years. This incentive will most likely produce even more short sales in 2013.
I can guide you through the short sale process! If you or anyone you know is interested in short selling a home and applying for relocation assistance contact me today!
Jeff Tricoli, PA, Keller Williams