Short Sales Provide Alternative to Foreclosure for Delinquent Columbia SC Borrowers Who Have Exhausted or Declined Home Retention Solutions
Bank of America says they are committed to finding alternatives to Columbia SC homeowners whenever possible, and the new programs can help Columbia SC homeowners make a planned transition from ownership when retention options have been exhausted.
The short sale relocation assistance program builds on the bank's already robust short sale initiatives, which led to 200,000 completed short sales in the last two years and another 30,000 in the first quarter of 2012, With Columbia SC having several homes in those numbers.
For Columbia SC homeowners to qualify for the enhanced relocation assistance payments under the new program, the Columbia SC seller must work proactively with the bank to obtain a pre-approved sales price prior to submitting a purchase offer to the bank. A short sale must be initiated by the end of this year and close by September 26, 2013, to be eligible for the payment. Qualifying Columbia SC short sales that have already been started but have not closed may be eligible for the relocation assistance.
The amount of assistance a Columbia SC homeowner can be provided under the new program will be determined on a case-by-case basis using a calculation that includes the value of the home, amount owed and other considerations.
Columbia SC homeowners who believe they may be eligible for Bank of America's short sale relocation assistance program may contact program specialists at 877.459.2852.
To help Columbia SC homeowners understand the short sale process and other foreclosure avoidance programs, Bank of America encourages them to visit the Home Transition Services website at www.bankofamerica.com/hometransition.