CALABASAS, Calif. – Adding to its foreclosure prevention initiatives, Bank of America has launched a nationwide program that offers delinquent mortgage customers increased assistance with relocation expenses – between $2,500 and $30,000 – at the completion of a qualifying short sale.
“Bank of America is committed to providing alternatives to foreclosure whenever possible,” said Bob Hora, home transition services executive for Bank of America. “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.”
The short sale relocation assistance program builds on the bank’s already robust short sale initiatives, which led to 200,000 completed short sales in the last two years and another 30,000 in the first quarter of 2012. This program is based on a similar incentive offer that Bank of America tested in Florida last year.
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. 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.
While available nationally, Bank of America anticipates greatest response to the program will come from borrowers in California, Nevada, Arizona, Florida and other states hardest hit 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.
To help homeowners understand the short sale process and other foreclosure avoidance programs, Bank of America encourages them to visit the Home Transition Services website at www.bankofamerica.com/hometransition.
The short seller of the house we bought, who hadn’t paid the mortgage in over two years, yet collected rent from a tenant for a year, received 35K from the first lender. The first and the second lost a combined 800K. Still don’t think the seller should have gotten anything.
Almost everything can be explained by incentives.
Just when you think it can’t get anymore ridiculous… the “cheese train” just keeps on rolling!
It’s hard to find the words to describe all this nonsense. It’s gone from completely absurd to incomprehensibly bewildering.
Where is my FREE money?… I want some NOW!
Oh that’s right, I forgot… only financially foolish, irresponsible idiots are entilted to free money and government cheese.
my head is going to explode. when will the moral hazard come to an end?
Nothing a long prison term couldn’t fix.
America – beginning at the very top, a cesspool of lies, greed and corruption too crooked to fix, filled with serial nobodies.
Try explaining THAT to your children when using your foodstamps.
Still think tanks-in-the-streets are impossible?
Strategic defaults could double with these big bounties being offered.