Bank of America says it will provide up to $30,000 in relocation assistance to some borrowers who can't pay their mortgage. They want to work with the borrowers to obtain a preapproved short-sale price before submitting purchase offers.
To be eligible for the program and payment Short sales must be started by the end of this year and close by Sept. 26, 2013. The amount given to delinquent homeowners will be from $2,500 to $30,000 if the qualifying short sale closes.
The amount will be chosen on a case-by-case basis using calculations which will include the homes value, the amount owed and other considerations.
The program is based on a similar incentives Bank of America tested last year in Florida. They will now be available nationally.
If you think you may qualify for Bank of America's short-sale relocation assistance program, contact the Bank's program specialists at (877) 459-2852.
Bank of America short-sale initiatives have generated 200,000 short sales in the past two years and another 30,000 in the first quarter of this year.
It seems pretty hard to believe that Bank of America is going to pay anyone who is delinquent on there loan $30,000 to do a short sale. I'd like to see the statistics on how much they actually give homeowners, when it's all said and done, wouldn't you?