A pilot program begun in Florida is now being taken nationwide by Bank of America. The program provides home owners with relocation assistance when they complete a Short Sale.
Amounts run from $2,500 to $30,000 depending on the situation, the value of the property, and the decision of the investor who owns the loan.
Here’s the criteria:
- Must have pre-approval for a short sale
- Must participate in either the government’s HAFA (Home Affordable Foreclosure Alternative) short sale program or B of A’s proprietary short sale program
- Process must be initiated by 2012
- Sale must be completed by September 13, 2013
Note: Short Sales already in escrow are not eligible for this program.
Bank of America Offers Principal Reductions to 200,000 Homeowners
A select group of struggling mortgage borrowers are about to get an offer that sounds too good to be true. Executives at Bank of America say they will begin mailing 200,000 letters offering certain customers mortgage principal reductions.
If people get these things and toss them, they won’t be eligible,” says Ron Sturzenegger, the Bank of America executive charged with providing solutions to borrowers in need of mortgage assistance.
But the offer is real, and eligible borrowers could get as much as $150,000 knocked off the balance of their mortgages.
It is all part of the $25 billion settlement reached this year between federal and state agencies and the nation’s five largest mortgage servicers over fraudulent foreclosure document processing (so-called “robo-signing”.)
Via: Bank of America Offers Principal Reductions to 200,000 Homeowners – CNBC.
And, watch this video: