Bank of America has just announced a limited time offer of $2,500 to $30,000 in relocation assistance for qualified homeowners who initiate a short sale to avoid a foreclosure.
In addition the applicant will owe no more on their mortgage with the sale of their property. To qualify for the relocation assistance the homeowner must participate in one of the preapproved price short sale programs, such as HAFA (Home Affordable Foreclosure Alternatives) or Bank of America’s proprietary program.
General guidelines for HAFA eligibility:
- You live in the home or have lived there within the last 12 months.
- You have a documented financial hardship.
- You have not purchased a new house within the last 12 months.
- Your first mortgage is less than $729,750.
- You obtained your mortgage on or before January 1, 2009.
- You must not have been convicted within the last 10 years of felony larceny, theft, fraud, forgery, money laundering or tax evasion in connection with a mortgage or real estate transaction.
What all this means is the incentive is for homeowners who can no longer afford to make their mortgage payments on their primary residence and are facing foreclosure. I suspect the larger the loan the larger the incentive. By the way, preapproved means the short sale is initiated with Bank of America before there is an offer on the house. To complete the sale, the home must be sold at a price above the approved amount. If you have a Bank of America mortgage and are considering a short sale for financial hardship reasons, this is a great time to see if you qualify for the relocation incentive.
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