If you follow me on Twitter or Facebook, you will already know that I got an email from Bank of America's short sale department this morning notifying me of some changes to their short sale program. To quote the email from BofA, it reads:
"Bank of America Short Sale Relocation Assistance Program: Your clients could receive $5,000
to $30,000 in relocation assistance. Your financially distressed clients want to
avoid foreclosure. You want to help them. So do we! That's why Bank of America is excited to offer enhanced relocation assistance. Qualified homeowners
who initiate a Pre-approved Price Short Sale (without an offer) could be eligible
to receive $5,000 - $30,000* in relocation assistance and owe no more on their
mortgage with the sale of their property, depending on the investor involved. Don't miss this limited-time offer to get your distressed clients the help
they need by initiating a 'Pre-approved Price Short Sale' today."
So how is this different from BofA's previous short sale program? Well, the lower end of the incentive range was increased from $3,000 to $5,000. In order to participate, the short sale process MUST be initiated BEFORE the property is listed and has an offer. In fact short sales initiated at the time an offer is received are specifically excluded from the enhanced relocation assistance funds. This also now applies to homes that are non-owner occupied! A short sale must be initiated by the end of this 2012 and close by September
26, 2013, to be eligible for the incentives.
If you have questions regarding if your Bank of America mortgage loan on a Sacramento-area home may qualify for this short sale program, please contact me. I welcome your call to see if we are a good fit to work together.
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