Short-sale aid: BofA offers up to $30,000 to customers

Bank of America has launched a nationwide program that offers delinquent mortgage customers increased assistance with relocation expenses – between $2,500 and $30,000 – at the completion of a qualifying short sale.

To qualify for the enhanced relocation assistance payments under the new program, the seller must work with the bank to obtain a preapproved sales price before 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 short sales that have already been started but have not closed may be eligible for the relocation assistance.

The amount of assistance 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.

Initially, the program will be offered on mortgages that are owned and serviced by Bank of America.

Customers who believe they could be eligible for Bank of America’s short sale relocation assistance program can call 1-877-459-2852.