Bank of America offering up to $30,000 for short sales

NEW YORK (CNNMoney) – By Les Christie — Bank of America is offering some struggling homeowners  payments of up to $30,000 if they sell their homes in a short sale and avoid ending up in foreclosure. Under the plan, Bank of America will offer homeowners so-called relocation payments of between $2,500 and $30,000 if they sell their home in a short sale. In short sale deals, the sale price of the home is less than what the seller owes the bank.The bank first tested the payments in a pilot program in Florida last fall. Under that initiative, Bank of America paid up to $20,000 to borrowers who sold their homes in short sales.
The bank first tested the payments in a pilot program in Florida last fall. Under that initiative, Bank of America paid up to $20,000 to borrowers who sold their homes in short sales.
“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,” said Bob Hora, an executive for the bank.
For more information, contact Regina Singh at 714-883-5205.

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