Bank of America recently made a MAJOR announcement in regards to their short sale program. They may pay a short sale seller from $2,500 to $30,000 at the successful completion of a short sale.
This is NOT for all BofA short sales, so the details are important. This is only for BofA "pro-active" short sale program, which means the borrower and/or their agent must approach BofA PRIOR to receiving an offer. You must start this process by 12/31/2012 and close escrow by 9/26/2013. I asked BofA if this was just for first mortgage loans and the representative on the phone said they thought so, but couldn’t confirm that 100%. The exact amount the homeowner will receive is determined by a calculation involving the value of the house, the mortgage balance, and several other factors.
Not all BofA loans will qualify for this program. If you don't already have a relationship with a real estate agent, give me a call and I can start the ball rolling for you with BofA to find out if you qualify. In their pro-active program, you don't even put your home on the market until they have approved the short sale ahead of time. This means when you do go on the market it is a "pre-approved" short sale and the response times are much faster this way.
This article is written by Jodi Marfia and first published on May 2012 so some information may be outdated after some time. It is posted as an informational and promotional piece by Jodi Marfia and does not necessarily reflect the opinion of the publishers at EverythingBrentwood.com.