Bank of America Offers Relocation Assistance in New Jersey Short Sales
As families continue to struggle financially to make monthly mortgage payments, many big lenders are coming up with ways to help. For example, Bank of America is offering a relocation assistance program for New Jersey homeowners who choose to do a short sale.
As one of the benefits to homeowners, Bank of America is offering financial assistance with moving expenses to some homeowners who initiate a short sale without an offer from the bank. The Preapproved Price Short Sale is a process by which a homeowner initiates a short sale, and the bank typically accepts less than the total debt due on the home. Our Burlington County foreclosure attorneys know that this cash assistance program in which Bank of America is now participating is a tremendous opportunity for struggling families dealing with the stress and anxiety caused by having to move. Our Burlington County foreclosure attorneys are well versed in this program, and represent hundreds of clients annually in matters such as short sales.
Details of the Relocation Assistance Program
For qualified homeowners initiating a short sale without an offer, Bank of America will give anywhere between $2,500 and $30,000 to assist with relocation costs. The exact amount that is given to each homeowner will be based on the actual value of the property that is being sold. The amount will be distributed to the homeowner at the time of the closing of the short sale. To be eligible for the relocation assistance program, homeowners must comply with certain requirements. First, the short sale has to be closed by September 26, 2013. Additionally, a walk-through appraisal must be done, and junior liens must be satisfied. A lien is the legal right or claim over an item that exists until the debt for that property is paid off. Bank of America may allow the money from the relocation assistance program to be used to satisfy these liens. Because this process is quite complicated, a New Jersey foreclosure attorney should be retained to help guide you through it.
Another requirement for the relocation assistance program is that the homeowner has to take part in a Preapproved Price Short Sale Program. You can do this through the Home Affordable Foreclosure Alternatives (HAFA) program or by participating in Bank of America’s own program. However, it is important to remember that there are certain criteria to be eligible for these programs.