It hasn’t been long since lenders have become more open to the idea of short sales as a foreclosure alternative. Once thought to be more problematic for both lender and homeowner, they weren’t easily considered in years past. Now that lenders can recoup more of their loan and minimize risk in a short sale over foreclosure, more lenders have been making effort to approve these transactions for homeowners struggling with mortgage debt.
Going Beyond The Norm
Bank of America has received a lot of scrutiny in recent months as the mortgage debt and unlawful foreclosure trouble broke. As one of several key players accused in participating in the robo-signing scandal, Bank of America has been taking big strides in improving their operations and rebuilding their image.
In efforts to reach more homeowners and reduce the number of foreclosures on its books, Bank of America is offering to provide relocation packages to delinquent homeowners. Designed to entice homeowners into a short sale, Bank of America may foot the bill up to $30,000 for relocation expenses related to pursuing a short sale when other options have failed. This program comes an extension of their pilot program, which was launched in Florida last fall. There, Bank of America paid up to $20,000 to homeowners who successfully completed the short sale process. The extended program applies around the country to homeowners who enter the sale by the end of this year and close the short sale by September 26, 2013.