Bank of America released a press release Tuesday, May 15th, announcing the launch of a nationwide program offering delinquent homeowners more assistance with relocation expenses upon the completion of a qualifying short sale.
Qualifying borrowers could receive anywhere from $2,500 to $30,000 in cash upon the close of a short sale. The amount of assistance provided under the new program is determined on a case-by-case basis, taking into consideration the value of the home, amount owed and other considerations not clarified in the press release.
Bob Hora, an executive in home transition services for Bank of America, stated that the company is committed to providing alternatives to foreclosure whenever possible. This program will benefit homeowners when all other home retention offers have been exhausted.
To see if you qualify for the relocation assistance payments under the new program, call Blick Law Firm today. The short sale must be initiated by the end of the year and close by Sept. 26, 2013. If you have already started a short sale process and have not closed, you may still be eligible for this program.
Bank of America is currently the only bank offering this program to its homeowners. While it is available nationally, the greatest response is expected from borrowers in California, Nevada, Arizona, Florida and the other states hit hardest by the housing market.