A short sale is, when the sale price of the home is less than what the seller owes the bank.
"This program can help customers make a planned transition from ownership when home retention options have been exhausted or they have made a decision not to keep the home," said Bob Hora, an executive for the bank stated to CNN on May 15, 2012. Click here for reference.
To qualify for Bank of America's relocation payments, borrowers must obtain pre-approval on sale prices for their homes. The sale must begin by the end of 2012 and close by September 26, 2013.
Scott Hopper - Realtor, 530.477.2277