BofA increases relocation assistance payments
To qualify for the enhanced relocation assistance payments under the new program, the seller must work proactively with the bank to obtain a preapproved sales price prior to submitting a purchase offer to the bank. A short sale must be initiated by the end of 2012 and close by Sept. 26, 2013, to be eligible for the payment. Qualifying short sales that have already been started but have not closed may be eligible for the relocation assistance.
Initially the program will be offered on mortgages that are owned and served by Bank of America. Currently, the percentage of loans that qualify for the program is 8 percent nationwide.
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