Bank of America anouned a new short-sale program-called enhanced relocation assistance-to help homeowners move debt free and get paid $2,500 to $30,000 for doing so. The actual cash payment depends on the appraised value of the home.
Sellers get the payment at closing. While each agreement with Bank of America is unique, the offer generally requires sellers to satisfy junior liens to provide clear title to the property; a full walk through appraisal; and a closing before September 26,2012!
This program only applies to pre-approved short sales not sales that start with an offer; and eligible homeowners must actively participate in a short sale program.
Two of these programs are HAFA and Bank of America’s proprietary program.
If you are already working on a short sale through Bank of America you are also eligible if you meet the requirements. You will be contacted by letter if you qualify.
This is good news for sellers who are looking for a way out.