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Bank of America released a press release Tuesday, May 15^th, 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.

After selling your home in a short sale, many factors must be taken into account to determine your ability to obtain a mortgage.

Your post-short sale credit score may drop, usually around 100 points or more. This could prevent you from obtaining a favorable interest rate on any new home loan. Also, you may have to put more money down. In many cases, it often takes two to three years before you’re eligible for another mortgage.

As long as you were current on your older home mortgage before short sale, you will have to wait at least two years for a loan that is federally backed, such as those from the Federal Housing Administration (FHA). If you are delinquent, it could take as long as three years. Private lenders, of course, are free to set their own time requirements.

Your credit score generally suffers a similar hit after a short sale or a foreclosure. However, most federally backed home loans don’t weigh your actual credit score or history too heavily when you go for a new home loan.

When you are ready to consider purchasing in the real estate market again, call attorney Michael Blickensderfer and let Blick Law Firm handle your proceedings and title closing.  As an experienced real estate lawyer, he understands the aftermath of a short sale and how to recoup and move forward with your life. Call us today at 813-931-0840.