Banks offer Relocation Assistance to Homeowners for Short Sales

In an effort to avoid the costly and stressful foreclosure, Bank of America in particular and other banks are offering a relocation assistance of up to $30,000 to those defaulting home owners if they agree to complete a short sale.

Unlike in the past were banks are not willing to complete short sales, right now, they are more willing because they see that this is much less expensive than if they let properties fall into foreclosure. Short sales is a much faster way for the bank to take over of the property, which gives them enough time to get the home in good condition for resale. In addition, a study reveal that more people are prefer to buy short sale properties than those in foreclosures.

Late last year, the Bank of America began piloting this program in Florida, offering defaulting home owners who agree to complete a short sale with up to $20,000. It was followed by JP Morgan Chase offering up to $35,000 to complete a short sale.

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