Bank of America short sale incentives and programs.
If your thinking about doing a short sale and your mortgage is with Bank of America there is a short sale program for you.
Bank of America is offering its customers up to $30,000.00 to short sale thier home.
Below is a list of some of the short sale programs offered.
- HAFA Short Sale – Bank of America and the US Treasury work together with you to offer this solution to foreclosure. HAFA is a good program if you have a second loan on your property as they will offer the second lender up to $8,500.00 to release the lien and you will also receive a check at the close of escrow for $3,000.00 in relocation assistance.
Program at a glance
Step 1: Call us to request a HAFA short sale and update us on your current financial situation. We’ll review your information and check your eligibility for a Home Affordable Modification or any other home retention program that would enable you to stay in your home.
Step 2: If you don’t qualify for a modification and want to sell your home, we’ll work to gain approval of your first mortgage HAFA short sale request. If you have a second mortgage with another lender, you will have to ask them for approval.
Step 3: You will be given time to market and sell your home — typically 120 calendar days. You are required to work with a licensed real estate professional.
Step 4: Once you receive an offer, you have 3 calendar days to submit a Request for Approval of a Short Sale document as well as the offer letter. We’ll get back to you with a decision on the offer within 10 business days.
Step 5: If the offer is accepted, your house is sold and your mortgageand any other loans against the home are settled from the proceeds of the sale
Cooperative Short Sale –
Basically, the goal of this new cooperative short sale program is to cut down on the response time. In order to make this goal a reality, now it will be possible to initiate a short sale even before you have an offer on your property.
Bank of America Cash Incentive Program.
This is the newest short sale program were BOA will pay from $2,500.00 to $30,000.00 to a homeowner to do a Short Sale.
Call me for more details on all the Bank of America Short Sale Incentives.
Sidney Kutchuk,Temecula Short Sale Specialist – 951-215-6745