Bank of America Offers Assistance in Short Sale Closings, Great News for Borrowers

Bank of America lenders announced this past Tuesday that they will now be launching an attractive short sale assistance program to aid in foreclosure prevention nationwide. Bank of America borrowers will now be eligible to receive up to $30,000 in cash upon the closing of a short sale contingent upon the home’s assessed value and the delinquent amount left on the mortgage, among other considerations. “Bank of America is committed to providing alternatives to foreclosure whenever possible,” says Senior Vice President of Mortgage Servicing Bob Hora in their latest press release. This will give home owners an extra incentive to make the transition out of their homes, provide a relieving option when attempts to continue possession of their home have exhausted themselves, or ownership of the home is no longer desired.

This program was demonstrated last year in Florida to test potential success, and Bank of America was happy to report that their test run aided 850 Florida residents, who received $12,000 on average each as their closing incentive. “This new bank-offered assistance will accentuate the up-turn in Florida’s housing market that we’ve started to witness. The fear of foreclosure should start to diminish if the program is well responded to,” says expert South Florida real estate agent Lindsay Greene with Frankel Realty Group in Jupiter. With the program now in place, delinquent borrowers with Bank of America who wish to transition will first have to approve the amount of the home’s sale price with Bank of America. The property up for short sale must be placed on the market by the end of this year, and close by September 26th, 2013. However, some short sales that were already on the market before this new assistance program launched may be eligible to receive relocation assistance as well.

Bank of America lenders anticipate the greatest response from borrowers in Florida, California, Nevada, Arizona, and any other states that were affected the most by the burst of the housing bubble.

To learn more about homes for sale in Palm Beach County, contact expert real estate agent Lindsay Greene with Frankel Realty Group at (561) 427-8016 or at lgreene@frankel-realty.com.  To search homes for sale in Palm Beach County please visit http://www.frankel-realty.com.  To view Lindsay’s agent webpage please visit http://www.frankel-realty.com/Page/frankel-agents.

Frankel Realty Group follows the letter and spirit of the Equal Housing Act, and is a member of the Northern Palm Beach County Board of Realtors, the Florida Multiple Listing Service, and National Board of Realtors.  Thomas Frankel is Broker of Record.   Frankel Realty Group and all of its affiliated agents are licensed as either brokers or salespersons by the Florida Real Estate Commission.  Copyright © 2013 Frankel Realty Group, All Rights Reserved. The name Frankel Realty Group and its logo and design are trademarks of Frankel Enterprises or its affiliates.

 

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