Kieran Jackson, REALTOR, SFR :: Keller Williams Realty Hollywood Hills :: 9000 Sunset Blvd 11th Floor :: West Hollywood, CA 90069 :: (213) 632-8484

 
Welcome to KieranTheRealtor.com
 
Bank of America's "Short Sale Relocation Assistance Program" press release
 

Foreclosure and Short Sale Information

Bank of America Increases Relocation Assistance Payments to Customers Completing Preapproved Price Short Sales:

Short Sales Provide Alternative to Foreclosure for Delinquent Borrowers Who Have Exhausted or Declined Home Retention Solutions

CALABASAS, Calif. – Adding to its foreclosure prevention initiatives, Bank of America has launched a nationwide program that offers delinquent mortgage customers increased assistance with relocation expenses – between $2,500 and $30,000 - at the completion of a qualifying short sale.

“Bank of America is committed to providing alternatives to foreclosure whenever possible,” said Bob Hora, home transition services executive for Bank of America. “This program can help customers make a planned transition from ownership when home retention options have been exhausted or they have made a decision not to keep the home.”

The short sale relocation assistance program builds on the bank’s already robust short sale initiatives, which led to 200,000 completed short sales in the last two years and another 30,000 in the first quarter of 2012. This program is based on a similar incentive offer that Bank of America tested in Florida last year.

To qualify for the enhanced relocation assistance payments under the new program, the seller must work proactively with the bank to obtain a preapproved sales price prior to submitting a purchase offer to the bank. A short sale must be initiated by the end of this year and close by September 26, 2013, to be eligible for the payment. Qualifying short sales that have already been started but have not closed may be eligible for the relocation assistance.

The amount of assistance provided under the new program will be determined on a case-by-case basis using a calculation that includes the value of the home, amount owed and other considerations.

Initially, the program will be offered on mortgages that are owned and serviced by Bank of America.

While available nationally, Bank of America anticipates greatest response to the program will come from borrowers in California, Nevada, Arizona, Florida and other states hardest hit by the economic downturn and falling property values.

Customers who believe they may be eligible for Bank of America’s short sale relocation assistance program may contact program specialists at 877.459.2852.

To help homeowners understand the short sale process and other foreclosure avoidance programs, Bank of America encourages them to visit the Home Transition Services website at www.bankofamerica.com/hometransition.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with approximately 5,700 retail banking offices and approximately 17,250 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

For more Bank of America news, visit the Bank of America newsroom.

www.bankofamerica.com

# # #
Reporters May Contact:
Rick Simon or Jumana Bauwens, Bank of America, 800.796.8448
pressroom@bankofamerica.com

 
 
 
Hollywood Hills Real Estate on Facebook               

Site:  Home  |  Featured Listings  |  Distressed Properties  |  Search California MLS  |  L.A. Communities  |  Buyer/Seller Resources  |  Contact Kieran

Downloads: Short Sale Handout  |  Loan Modification Handout

Communities: Bel Air  |  Beverly Grove  |  Beverly Hills  |  Beverlywood  |  Brentwood  |  Burbank  |  Calabasas  |  Carthay  |  Century City  |  Cheviot Hills  |  Culver City  |  Glendale  |  Hancock Park  |  Hollywood  |  Hollywood Hills  |  Los Feliz  |  Malibu  |  Manhattan Beach  |  Marina Del Rey  |  Pacific Palisades  |  Playa Del Rey  |  Santa Monica  |  Silverlake  |  Studio City  |  Van Nuys  |  West Hills  |  West Hollywood

Contact: Keller Williams Realty Hollywood Hills, 5251 Vineland Avenue Apt. #502, North Hollywood, CA, 91601, 213.632.8484  |  Send Email

Legal: © 2011 Keller Williams Realty Hollywood Hills and suppliers  |  Terms of Use  |  Privacy Policy  |  Fair Housing Statement