Bank of America wants to give you $5,000 in Short Sale Relocation Assistance

Did you know that it costs thousands of dollars to foreclose on your home? Residential short selling is rising rapidly. Banks are finally approving more short sales to get sketchy mortgage loans off their troubled balance sheets while avoiding the increasing cost and complications involved with selling bank-owned properties.

Bank of America encourages distressed homeowners to explore a short sale as a viable option for avoiding foreclosure. To that end, for a limited time Bank of America is offering enhanced relocation assistance to help motivate homeowners to engage with them on a pre-offer short sale.  An additional benefit for these pre-offer programs such as the Home Affordable Foreclosure Alternatives (HAFA) and Bank of America’s proprietary program (HAFA Co-op program) is that the deficiency may be waived for the homeowner.

Eligibility:

• Homeowners with property in Florida
• Short sales initiated WITHOUT AN OFFER between SEPTEMBER 26 and NOVEMBER 30, 2011
• The customer will have to be eligible for one of the “without offer” programs such as the HAFA program or the Bank of America proprietary program (specific investor and eligibility criteria do apply)
• Successful closing of the eligible short sale by August 31, 2012
• Minimum relocation assistance of $5,000 and a maximum of $20,000 with the specific amount calculated based on the unpaid principal balance.

Exclusions:

• Ginnie Mae, FHA, VA and USDA loans are ineligible for participation
• Lot loans are ineligible for participation
• Properties outside of Florida are ineligible for participation
• Short sales initiated with an offer are not currently eligible for the enhanced relocation assistance.

Time is ticking, don’t miss this rare opportunity! Contact your Tallahassee Short Sale Specialist, Carol Armbrister for a consultation today.