Short Sale Relocation Assistance Program:
Your clients could receive $2,500 to $30,000 in relocation assistance
“receive $2,500 – $30,000* in relocation assistance and owe no more on their mortgage with the sale of their property.”
I received this email from my broker at Nextage Lighthouse Realty this week. Some people think this is a scam by a big bank to move people along the process so that the bank can get this toxic loan off their books. That is probably indeed the motive for the bank. I will have to say that I have had sellers receive up to $25,000 for cooperating with a short sale. And that was more than the bank netted after all was said and done.
This “payment” angers some home owners who are struggling to stay current with their mortgage and avoid foreclosure. They see this incentive paid to owners a payment from their taxes. They are of the mind that the bank bail-out was wrong in the first place. Now I have read that the banks, particularly Bank of America have paid back the bail-out money in one way or another. I can’t say for sure. The trade-offs and accounting system are far too complicated for me to decipher. I guess at some point you have to consider the source and accept and trust the information just as you would if you were buying a car or a vacuum cleaner.
But, here’s the bottom line…if you are a homeowner in trouble (or even an investor) and your loan is on the “list” then you may want to consider getting your house listed right away, get your short sale package together, right away! The bank will determine what the sale price will be. This is a limited-time offer that your clients won’t want to miss out on.
Realtors, you can find out if your client qualifies by calling a Bank of America short sale specialist at 1.866.880.1232 Monday – Friday 8 a.m. – 10 p.m.; Saturday 9 a.m. – 5:30 p.m. Eastern.