Bank of America offers relo assistance to short-sellers
Delinquent borrowers must obtain preapproved short-sale price from bank
By Inman News, Tuesday, May 15, 2012.
Bundles of cash image via Shutterstock.Bank of America says it will provide up to $30,000 in relocation assistance to delinquent borrowers who work with the bank to obtain a preapproved short-sale price before submitting purchase offers.
Short sales must be initiated by the end of this year and close by Sept. 26, 2013, to be eligible for the payments, which will range from $2,500 to $30,000 at the completion of a qualifying short sale. Payments will be determined on a case-by-case basis using a calculation that includes the value of the home, amount owed and other considerations, Bank of America said in announcing the program.
The program -- based on a similar incentive offer Bank of America tested last year in Florida -- will be available nationally. But Bank of America anticipates the greatest response will come from borrowers in California, Nevada, Arizona, Florida, and other states hit hardest by the economic downturn and falling property values.
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. Qualifying short sales that have already started but have not closed may be eligible for the program.
Bank of America says its short-sale initiatives have generated 200,000 short sales in the last two years and another 30,000 in the first three months of this year.
Last month, Bank of America announced it was shortening decision times on short-sale offers to 20 days, down from 45 days or longer.
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Submitted by Ian Sells on May 16, 2012 - 7:59am.
We are helping local San Diego home owners get their short sale incentive. Contact us today at:
http://www.diegohomes.com/bank-america-short-sale-relocation-assistance-...
Submitted by Kevin Hammontree on May 19, 2012 - 9:58am.
This is amazing news. Now's the time to short sale if you've been thinking about it. We are also helping Phoenix area homeowners (incuding Tempe, Scottsdale, Chandler, Gilbert, Mesa, Queen Creek,& Apache Junction)to take advantage of this incentive. We are experienced in working with the BofA Equator System. Visit us at www.awesomeAZagents.com
Submitted by Alexis Eldorrado on May 19, 2012 - 11:25am.
Alexis Eldorrado
Managing Broker
Awesome news. We have had great success in Chicago helping sellers Short Sell their property due to a dynamic team. Our success rate has been over 95%. This is icing on the cake for all and will definitely help the housing market recover and consequently, the entire economy.
Eldorrado Chicago Real Estate LLC
150 N. Michigan Avenue, Suite 2800
Chicago, IL 60601
312-612-9060
Alexis@Eldorrado.com
www.Eldorrado.com
Submitted by Fred Strickroot on May 19, 2012 - 4:03pm.
It is great to see Bank of America offering this assistance. My team of real estate professionals handles short sales in the Tampa Bay Areas of Hernando, Hillsborough, Pasco and Pinellas. This assistance will be a great incentive for homeowners who qualify for a short sale.
Fred Strickroot, Broker
HomeNet
http://www.homenetyouteam.com
Submitted by Cindi Hagley on June 13, 2012 - 12:03pm.
I have never seen a Bank of America Short Sale approved in 45 days.
I hope the 20 day approval is a reality. Our sellers are stressed out,they have exhausted all of their resources, and a timely approval is the most humane thing lenders can do.