Bank of America to pay homeowners more for short sales.
Bank of America launched a new short sale program that could pay distressed homeowners between $2,500 and $30,000 in relocation assistance.
Qualified homeowners who initiate a short sale without an offer could be eligible to receive $2,500 to $30,000 in relocation assistance and owe no more on their mortgage with the sale of their property.
The new program requires a borrower to work with the bank to obtain a preapproved sales price before submitting a purchase offer. To qualify for the program, a short sale offer must be submitted by the end of 2012 and close by Sept. 26, 2013.
“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,” said Bob Hora, executive of home transition services for BofA.