In La Quinta and across the state of California, Bank of America has announced that for a limited time, they are offering enhanced relocation assistance payments to qualified California homeowners who initiate a short sale without an offer. Those who qualify could be eligible to receive anywhere from $2,500 – $30,000 in relocation assistance and owe no more on their mortgage with the short sale of their property.
Many distressed homeowners are not aware of options available to them for avoiding foreclosure. It’s best to be proactive and call your lender before missing a payment. Then the embarassment and credit problems brought on by foreclosing on your home can be avoided. To not call your lender to discuss your options will only hurt your case.
Providing this enhanced Relocation Assistance Payment to distressed homeowners helps them with relocation costs and can also be used to help pay escrow items, such as past due HOA fees (a fee the banks will not pay for in a short sale situation). Banks are now more willing than ever to work with their borrowers to come up with a solution that works for all parties involved.