Bank of America Is Offering Relocation Assistance

Bank of America Wants to Help You Move

Well, not everyone. Just those people who are underwater on their mortgages and who are candidates for a short sale. The bank has to approve the short sale, the sale must begin by the end of 2012 and it has to close by September 26, 2013.

How Much?

Bank of America will pay between $2,500 and $30,000 to help home owners move. Just how much will depend on the loan balance, the value of the home and other considerations known only to the bank.

Why Would They Do This?

Banks have typically favored foreclosures over short sales but have come to realize they lose less money through short sales. Foreclosures are in rougher shape, are empty by the time the bank gets them and sell for less than short sales. The short sale houses usually still have the homewoners in them to keep up the exterior, make repairs and care for the house until it is sold.

Bank of America Short Sales

If you have a Bank of America loan and are considering a short sale, you can consult their short sale page. You can also contact us and we will help guide you with the short sale process and answer any questions you have.

Bank of America's announcement can be found here. The original article can be found here and CBS News covered it here.