Short sale relocation assistance offered by B of A
Amounts from $2,500 to $30,000
Bank of America is adding to its foreclosure prevention arsenal, according to the lender. The bank is announcing the launch of a nationwide program that offers delinquent borrowers increased assistance with relocation expenses upon the completion of a qualifying short sale.
The program is based on a similar one the lender tested in Florida last year.
Qualifying borrowers could receive anywhere from $2,500 to $30,000 in cash upon the close of a short sale. The amount of assistance provided under the new program is determined on a case-by-case basis, taking into consideration the value of the home, amount owed and other considerations.
“Bank of America is committed to providing alternatives to foreclosure whenever possible,” Bob Hora, home transition services executive for the bank, said in a press release. “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 news comes one week after B of A announced it was reaching out to underwater homeowners who could be eligible for principal reductions.
To qualify for the relocation assistance payments under the new program, the seller must obtain a pre-approved sale price from the bank before submitting a purchase offer. The short sale must be initiated by the end of the year and close by Sept. 26, 2013.
Some short sales that have already started but have not yet closed may also be eligible for relocation assistance. The program is currently only available to borrowers with mortgages owned and serviced by Bank of America.
Relocation assistance is available nationally, but the lender anticipates the greatest response from borrowers in California, Nevada, Arizona, Florida and other states hit hardest by the burst of the housing bubble.
Anyone who believes they are eligible for relocation assistance and would like to learn more about short sale incentives should call the home loan servicing hot line at (877) 459-2852.
Congresswoman Karen Bass will host a Mortgage Relief Town Hall and Resource Fair at 6:30 p.m. tonight at the Culver City Senior Center, 4095 Overland Ave., Culver City, to inform residents about the latest news on the Obama Administration’s housing and mortgage relief programs.
Homeowners will have the opportunity to receive a private consultation with bank representatives or a HUD-approved housing counselor to get guidance on working with mortgage servicers to avoid foreclosure, organizing financial matters and understanding available mortgage options.
The California Homeowner Bill of Rights, sponsored by Attorney General Kamala D. Harris, was signed into law Wednesday by Gov. Edmund G. Brown Jr.
Bank of America is preparing to sell off hundreds of foreclosed homes in bulk as part of its ongoing effort to clear out its inventory of distressed assets.
Citing unnamed industry sources, Reuters reported late Thursday that B of A has put out word to institutional investors that it is accepting bids on up to 500 mostly vacant, single-family homes in California, Georgia, Florida and several other states. B of A inherited at least some of the properties four years ago when it acquired Countrywide Financial, which had been the country’s largest subprime lender.
LOS ANGELES, Calif. — A former Los Angeles resident who was a federal fugitive for 12 years pleaded guilty today to aggravated identity theft and bankruptcy fraud for a massive scam that promised to postpone foreclosure sales for more than 800 distressed homeowners in the Southland and elsewhere.
Glen Alan Ward, 48, pleaded guilty in connection with three separate sets of charges in federal courts in Los Angeles and San Francisco, all stemming from his 15-year fraud, according to the Department of Justice.
LANCASTER, Calif.—A pursuit that began with an armed bank robbery in Saugus ended in a hail of gunfire today on a Lancaster cul-de-sac, where the suspect brought his SUV to a stop and was fatally shot by deputies after apparently opening fire on them.